© Shutterstock Snowflake (SNOW) in advanced talks to acquire Neeva – The Information
Snowflake (NYSE:) is in advanced talks to buy search startup Neeva, according to a report by The Information on Thursday.
Citing a person familiar with the discussions, the report states that the database software provider is looking to acquire the startup founded by former top Google ad tech executive Sridhar Ramaswamy as it could help Snowflake offer artificial intelligence software.
They are said to believe that Neeva could fit with their efforts to help cloud customers use the type of AI popularized by ChatGPT that responds to conversational commands and can automate some business tasks.
Elsewhere on Thursday, ahead of SNOW’s Q1 earnings release on May 24, UBS analysts raised the firm’s price target on Neutral rated SNOW to $170 from $140.
They revealed that UBS sees a “‘modest beat’ outcome for 1Q/Apr and a FY24 revs growth guidance reaffirm.”
The analysts noted the report regarding talks to acquire Neeva, but stated they are “unclear what enterprise-focused technology Neeva has or is close to launching.”
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