BOISE, Idaho — Clearwater Analytics, a global SaaS solutions provider, announced today that Snowflake, the Data Cloud company, has implemented Clearwater’s investment data management, reconciliation, and reporting solution to facilitate daily operations for its growing investment portfolio.
“We were a private company with a couple investment managers and we knew that post-IPO, our approach would need to be much more sophisticated,” Snowflake Senior Treasury Manager David Steffa said. “With Clearwater at the center of our investment operations process, we now easily monitor the outcomes of our four asset managers with the same small Treasury team. We’ve grown extraordinarily fast and Clearwater has been instrumental in our ability to do so.”
Snowflake selected Clearwater in April 2020, ahead of its September IPO. As part of its standard implementation, Clearwater established automated data connections to Snowflake’s custody banks and investment managers. This investment data is consolidated daily and reconciled for accuracy via the solution’s security master data and other third-party indices. This daily reconciliation and validation facilitate a variety of reporting and analytics functions across Snowflake’s portfolio.
Clearwater is the leading SaaS solution for investment data aggregation, reconciliation, accounting, and reporting. Clearwater reports on more than $5 trillion in investments daily for institutional investors around the world.
“We’ve helped many companies on the road to IPO and we’re glad Snowflake chose the right time to bring us on board,” said Clearwater Chief Operating Officer Scott Erickson. “It’s at this time in a company’s journey from private to public that a given investment portfolio, such as Snowflake’s, becomes far more complex than it once was. In this way, our partnership with them is exemplary as we engaged early to get the essential automation in place.”