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- Snowflake and Vanta acquistions 🛒, Azure OpenAI Service 🤖, IT Spending 2023 to stay flat 🤐
Snowflake and Vanta acquistions 🛒, Azure OpenAI Service 🤖, IT Spending 2023 to stay flat 🤐
Snowflake announced the acquistion of SnowConvert to help....
Montana-based tech giant Snowflake has announced an agreement with Mobilize Net to acquire SnowConvert, a suite of tools that help enterprises migrate their databases to the data cloud.
The toolkit uses automation techniques and built analysis to create functionally equivalent code for tables, views, stored procedures, macros, and BTEQ files in Snowflake. This acquisition will enable customers to obtain faster value from their investment in Snowflake sooner. The deal is subject to regulatory approvals and other closing conditions before it can be completed. This is not Snowflake’s first acquisition as it had previously acquired time-series forecasting company Myst, document-understanding platform Applica, and open-source app framework Streamlit. With over 7,000 enterprise customers, Snowflake is hoping this acquisition will further expand its professional services footprint in Costa Rica, Colombia, and Bellevue.
Security compliance startup Vanta Inc. has announced the acquisition of security review automation startup Trustpage for an undisclosed sum. The company offers an AI-assisted service that automates questionnaires, shares documents, and manages security reviews without needing contractors.
This acquisition will allow Vanta to expand its product line and better monitor, improve and demonstrate security while establishing trust with customers. This move comes after Vanta raised $110 million in new funding on a unicorn valuation of $1.6 billion earlier this year.
Trustpage had previously raised $5 million in venture capital funding from investors such as Bonfire Ventures, Ludlow Ventures, and Basement Fund. With this acquisition, the company will have the upper hand in safeguarding the internet with its ever-constant security measures rather than just a one-time check.
Microsoft and OpenAI have officially launched the Azure OpenAI Service, a cloud-based platform that enables customers of all sizes across various industries to better manage their AI tasks. The service is expected to enable customers to do more with fewer resources, improve end-user experience, “streamline operational efficiencies internally” and supercharge analytics capabilities.
Microsoft has also highlighted that many companies, such as Moveworks and KPMG are already deploying the capabilities of Azure OpenAI Service for customer support, customization, data analysis of search, data extraction and classification. As part of a broader partnership between Microsoft and OpenAI, Microsoft recently revealed it is in talks for an additional $10 billion investment in OpenAI. These investments could put Microsoft at the top of the AI service market.
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The launch of Azure OpenAI Services is part of a larger partnership between Microsoft and OpenAI that started with a $1 billion investment by Microsoft in 2019. The service is expected to help customers do more with fewer resources, improve their end-user experience, and enable businesses to streamline operational efficiencies internally and supercharge analytics capabilities. With further investments from Microsoft in OpenAI, it is clear that we are about to enter an era where large-scale AI models will be used to support various industries on every level. It remains to be seen what this new venture holds for
Gartner's recent report estimate that the after-effects of the pandemic will cause global IT spending to remain stagnant next year.
The enterprise PC market is expected to return to growth in 2024, and software spending is predicted to grow by 9% this year. However, In their cloud spending decisions, companies must be mindful and prioritize essential services with minimal hidden costs. Additionally, increasing competition for IT talent may pose challenges for organizations looking for skilled internal staff.
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