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HomeTechnologyAfter A Disagreement With Databricks, Instacart Updates Its IPO Prospectus To Clarify...

After A Disagreement With Databricks, Instacart Updates Its IPO Prospectus To Clarify Its Snowflake Payments

After the initial filing seemed to reflect a sharp decline in expenditure on Snowflake’s technology, Instacart Monday filed a revised IPO prospectus and explained how its contract with data storage and analytics company Snowflake operates.

Instacart board member Frank Slootman is the CEO of Snowflake, and because of this connection, Instacart is obligated to provide information about the businesses the two organisations are affiliated with.

Instacart’s payments to Snowflake for its “cloud-based data warehousing services” increased from $28 million in 2021 to $51 million in 2022, according to the initial prospectus, but were projected to fall to $15 million this year. Confusion arose as a result of the apparent slippage, prompting workers at rival Databricks to claim online that they were taking over that clientele.

Snowflake produced a four-paragraph blog explaining that the figures were being interpreted incorrectly and that according to the way the contract is written, money in this situation does not equal usage. In its filing on Monday, Instacart described the details of the contract.

Source (CNBC)

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