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“Customers demand a level of scale that Redshift just can’t do.
“In many cases, Snowflake is the only product that’s viable for customers to move to,” said Muglia, who spent around 23 years at Microsoft earlier in his career, rising to the position of president of the company’s Server & Tools group. The company could well make its service available atop the Google and Microsoft clouds if there’s enough customer demand, chief executive Bob Muglia told VentureBeat in an interview. But AWS is a partner of Snowflake’s, as the startup depends on AWS for its underlying infrastructure.
#Cloud iconiq growth 7.5b software#
“We could have gone public if we just wanted to raise cash,” he said.Snowflake has become something of a success story as a lower-level cloud software provider, picking up some business from old-guard data warehouse hardware and software players like Teradata and IBM’s Netezza, and it has also attracted customers that have elected to graduate from Redshift, the data warehouse service from public cloud market leader Amazon Web Services (AWS). With the company’s size, one may wonder why it did not just go public in what has been a favorable market? Schwartz said Articulate was more interested in forming strategic relationships with investors that could help it grow. While some companies like SkillSoft and Lynda offer off-the-shelf training catalogues, Articulate sees itself differently, helping companies develop and analyze their own training procedure. alone spend $83 billion a year, said Lucy Suros, president at Articulate. The company still sees more room to grow in a market where companies in the U.S. While the company does not release financial information, Articulate has more than 106,000 customers in 161 countries and now counts every Fortune 100 company as a customer. “We believe these market tailwinds, combined with Articulate’s differentiated and dominant positioning, will continue to propel the growth of the business and create paths for further platform expansion.”
#Cloud iconiq growth 7.5b professional#
“Global professional learning is a $300 billion market, largely offline, and we anticipate a significant shift toward digital, which is more cost-effective, can be delivered faster, and caters to increasing preferences for self-paced learning,” he said. Schwartz said companies turned to Articulate as the pandemic set last year for more remote learning and the company sees this moment as an inflection point.Īnton Levy, co-president and global head of technology investing at General Atlantic, agreed Articulate sits at the intersection of compelling macro trends that have been amplified by COVID and remote work - the shift toward e-learning and online and digital education, the rise of “low-code” and productivity tools, and the consumerization of the enterprise. That new world of work has emerged as more companies are going remote but wanting to retain their culture and training. “We are transforming training for the new world of work,” Schwartz said Changing world “We historically avoided taking capital, preferring to grow organically instead,” said founder and CEO Adam Schwartz.Īrticulate decided to change paths after witnessing a combination of several macro trends driving the e-learning and training space over the last year, including more people working remotely and companies realizing engaged employees are more productive employees, said Schwartz.Īrticulate’s software - which includes its Articulate 360 product for enterprises and its solution typically for small and medium-sized businesses - helps companies create and deliver online training for everything ranging from sales to compliance to soft business skills like team building.
#Cloud iconiq growth 7.5b series#
The company refers to it as a Series A funding because it marks its first funding round. The round values the company, founded in 2002, at $3.75 billion. New York-based training and e-learning provider Articulate Global closed a $1.5 billion funding round led by General Atlantic, and joined by funds managed by Blackstone Growth (BXG) and ICONIQ Growth.
#Cloud iconiq growth 7.5b how to#
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