Snowflake Partner Sector Report 2026
Snowflake’s partner ecosystem has more than 14,000 registered members according to its published figures, but only around 630 are actual service providers once duplicates, listings and repeated entries across regions and programmes have been filtered out. This is the main finding of the latest report compiled by our technology M&A advisers, with data on companies, acquisitions and funding rounds updated to September 2026.
Within this refined scope, the market exhibits three characteristics: data and analytics consultancies are valued at a median of 16.3 times EBITDA; the spread in valuations between firms is the widest in the entire study; and there has not yet been a single recorded acquisition of a Snowflake partner firm. registrada.
| Key indicator | Data (September 2026) |
|---|---|
| Partners in the published figure | +14.000 |
| Post-treatment service contracts | ~630 |
| Median EV/EBITDA in data and analytics | 16,3x |
| Interquartile range (Q1–Q3) | 10,7x – 27,1x |
| Recurring revenue multiple | 6x – 8x EBITDA |
| Project revenue multiple | 3,5x – 5x EBITDA |
| Acquisitions of registered partner firms | 0 out of 1,364 transactions analysed |
| Ecosystem phase | Crowd phase |
Methodology. The unit of analysis is the partner firm, defined as a separate legal entity that generates revenue from services or software built on Snowflake. Revenue from usage of the platform itself is excluded from the scope.
Trends that are revolutionising Snowflake’s partner market
A correction of 30 times the published figure
The figure of over 14,000 Snowflake partners includes registrations, listings and duplicates, not companies. When adjusted to exclude legal entities that provide services, the figure is reduced to around 630 firms, representing a correction factor of 30. Any ratio calculated using the published figure, including those for partner density per customer, is incorrect by the same proportion. Using the correct denominator, Snowflake’s channel is comparable in size to that of Workday, not to that of a hyperscale provider, and can be mapped out firm by firm.
A premium job without a shortage allowance
Snowflake’s partners carry out the best-paid work in the technology services sector: data and analytics consultancies are valued at a median of 16.3 times EBITDA. However, the ecosystem remains in the ‘crowd’ phase,, just like Databricks. In this phase, it is easy to enter the market, the number of firms is growing, and there have not yet been any acquisitions of partners. There is demand for high-value work, but there is not yet a shortage of firms capable of delivering it.
The greatest variation in ratings in the study
Data and analytics companies have a first quartile of 10.7 times EBITDA and a third quartile of 27.1 times, centred around a median of 16.3. Two Snowflake partner firms of similar size, which in theory do the same work, can be valued with a difference of 2.5 times. What sets them apart is not certification, but three factors: proprietary intellectual property, proportion of recurring revenue and vertical specialisation..
The pay-as-you-go pricing model benefits the partner
Snowflake charges on a pay-as-you-go basis, so the customer has a constant and measurable incentive to retain a specialist: the monthly invoice. This turns cost optimisation and data governance into retention contracts with a quantifiable return. The impact on valuation is direct: a partner’s recurring revenue is valued at between 6 and 8 times EBITDA, compared with 3.5–5 times project revenue.
Two layers of suppliers above the partner
Snowflake provides the product, certification, co-selling and a marketplace, and recruits partners rather than restricting them, which leaves room for financial negotiation for the firms. Beneath this lies a second layer, as the computing power resides in a hyperscale provider (AWS, Azure or Google Cloud). The real constraint lies in talent: AI skills are driving salaries above inflation, whilst the recruitment of junior roles in the Indian IT sector fell from around 380,000 in 2021–22 to around 120,000 in 2024–25, according to data from recruitment firms compiled by The Economic Times.
No AI agent can operate on ungoverned data
Gartner predicts that 40 per cent of enterprise applications will incorporate specialised AI agents by 2026, compared with less than 5 per cent in 2025. Each of these deployments first requires a governed database, and that is the core role of a Snowflake partner. It is the most powerful driver of demand in the sector, with one caveat: the very same agent-based AI that creates the demand also automates the construction of data pipelines – the lowest-value link in the chain.
Investment analysis in Snowflake’s partner sector
None of the 1,364 transactions in the Baker Tilly dataset involve a verified acquisition of a Snowflake partner firm. This is consistent with the ‘crowd’ phase: corporate activity begins in the next phase – the ‘restricted access’ phase –when scarcity sets in.
The opportunity lies in the filtering process. A list of around 630 firms can be analysed systematically from start to finish. A buyer who carries out this work gains an information advantage over someone who simply looks at the figure of 14,000, which suggests a market that is too large to tackle in a targeted manner.
Key metrics for evaluating a Snowflake partner
The price benchmarks for an asset in this sector are acquisitions of data and AI capabilities in adjacent ecosystems:
| Buyer | Target | Year | Target profile | Amount |
|---|---|---|---|---|
| Accenture | Keepler Data Tech (Spain) | 2026 | Cloud-native data engineering and AI, over 240 professionals | Undisclosed |
| Accenture | RANGR Data | n. d. | Partner certificado de Palantir | Undisclosed |
| Accenture | Faculty (United Kingdom) | 2026 | AI implemented using our own product, over 400 employees | ~$1,000 M |
| Cognizant | Thirdera (USA) | 2024 | Largest independent ServiceNow partner | ~$430 million |
| EQT | Perficient (USA) | 2024 | A listed digital consultancy firm | ~$3,000 million (EV) |
| Ode with Anthropic | Casper Studios (USA) | 2026 | Implementation by Claude, a partner of Anthropic | Undisclosed |
Keepler Data Tech Keepler Data Tech is the closest equivalent to a Snowflake partner within the data ecosystem, and is also a Spanish-based business: in April 2026, Accenture acquired this Madrid-based, cloud-native data and AI firm, which has more than 240 professionals in Madrid, London and Lisbon. It forms part of a series of acquisitions that includes RANGR Data and Faculty, for which Accenture paid around $1 billion for applied AI services combined with a proprietary product.
As a point of reference, Cognizant paid around $430 million for Thirdera, a partner specialising in ServiceNow. This illustrates what happens to a platform built on a mass market when the ecosystem shrinks. EQT acquired Perficient at around 18.5 times estimated EBITDA, well above the median of 11.5 times paid by private equity funds in the study. At the younger end of the spectrum, Ode with Anthropic acquired Casper Studios, a boutique AI implementation firm.
Recommendation regarding the timeline: there is still time, but it is advisable to act. The risk is clear-cut. If the first to act are the ones to set up Snowflake’s first partner platform, the independents who waited will find themselves selling in a market with no buyer demand.
How is Snowflake’s partner market expected to grow?
Snowflake’s partner value chain is short and high-value, with no significant layer of licence resale. Its growth depends on the balance between the links that AI can automate and those that remain:
| Link in the chain | EV/EBITDA multiple | Reading |
|---|---|---|
| Data engineering and analytics | 16.3x (Q3: 27.1x) | Core and ceiling of the chain |
| Optimisation of consumption and governance | 16,1x | Annuity offering a measurable return for the customer |
| Pipeline construction and migration | 10.7x (1.1x revenue) | The job best suited to automation |
- Demand driven by AI agents. According to Gartner, enterprise applications featuring specialised agents will rise from less than 5 per cent in 2025 to 40 per cent in 2026, and each one requires governed data.
- Data engineering and analytics. This is the core of the chain, with a median of 16.3 times EBITDA and a third quartile of 27.1 times.
- Optimisation of consumption and governance. It is valued at 16.1 times EBITDA because it operates as an annuity on a pay-as-you-go platform.
- Pipelines and migration. It is trading at 10.7 times EBITDA and 1.1 times revenue: it is the part of the business most exposed to automation.
What does this mean for the founders of Snowflake’s partner firms?
For a founder who runs a Snowflake partner consultancy, the report offers four practical takeaways:
- The certification does not explain the assessment. The difference between the first and third quartiles (10.7x versus 27.1x) depends on intellectual property, recurrence and vertical specialisation.
- The revenue mix is more important than size. Shifting revenue from migration projects towards optimisation and governance contracts increases the multiple from 3.5–5x to 6–8x.
- The window opens before the shortage. The first consolidation trades will set the price benchmarks for the ecosystem.
- Preparing for the sale takes time. Sorting out recurring contracts, documenting intellectual property and reducing reliance on the founder are steps that should be taken before receiving the first offer.
If you are considering these options, our business valuation service, Ready4Exit and sales opportunities for technology companies cover every stage of the process. For groups looking to consolidate the ecosystem, we offer company acquisitions with a systematic search for targets.
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Market Research on Snowflake’s Partner Sector in 2026
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Frequently asked questions about M&A amongst Snowflake partners
Snowflake reports having over 14,000 partners, but that figure includes registrations, listings and duplicates across regions and programmes. According to Baker Tilly’s analysis, updated to September 2026, the ecosystem is reduced to around 630 firms when legal entities providing services on the platform are filtered out. It is a channel comparable in size to Workday’s and small enough to be analysed on a firm-by-firm basis.
Data and analytics consultancies – the typical profile of a Snowflake partner – are valued at a median of 16.3 times EBITDA, with an interquartile range of 10.7 to 27.1 times. This represents the widest dispersion in the Baker Tilly study. Recurring revenue is valued at between 6 and 8 times EBITDA, whilst project-based revenue is valued at between 3.5 and 5 times; consequently, the revenue mix determines the final price.
Porque el ecosistema está en fase de multitud: entrar es sencillo, el número de firmas crece y no hay escasez. Entre las 1.364 transacciones analizadas por Baker Tilly no figura ninguna adquisición verificada de una firma partner de Snowflake. La actividad de M&A suele arrancar en la fase de acceso restringido. Las referencias de precio actuales proceden de ecosistemas adyacentes, como la compra de Keepler Data Tech por Accenture en 2026.
La certificación no diferencia a una firma de otra. Según el informe de Baker Tilly, lo que separa una valoración de 10,7 veces EBITDA de otra de 27,1 veces es la propiedad intelectual propia, la proporción de ingresos recurrentes y la especialización vertical. Los contratos de optimización de consumo y gobernanza del dato son especialmente valiosos, porque el precio por consumo de Snowflake da al cliente un motivo permanente para retener al especialista.
Hay tiempo, pero no conviene esperar sin un plan. El ecosistema todavía no ha entrado en la fase de consolidación, y los primeros compradores que ensamblen una plataforma marcarán los precios de referencia. Los fundadores que esperen a que se cierre esa primera plataforma pueden encontrarse vendiendo en un mercado sin tensión compradora. Preparar la empresa antes, con ingresos recurrentes e IP documentada, protege el múltiplo de salida.
