Snowflake Invests in RightRev to Add Revenue Accounting Automation to the AI Data Cloud

Consumption-based pricing helps Snowflake balance the power of true cloud elasticity with clear visibility into usage and spending. According to “The State of Usage-Based Pricing: Second Edition,” three out of five SaaS companies now incorporate some form of usage-based pricing into their offerings. That’s why Snowflake Ventures is reinvesting in our partner RightRev, a cloud-based revenue recognition management platform created to facilitate improved financial reporting processes, specifically addressing consumption-based revenue models. 

As part of its seed investment in 2023, which Snowflake Ventures participated in, RightRev replatformed on Snowflake, resulting in 60% cost savings, less data movement and significant workflow optimization. More than half of RightRev’s customers are joint Snowflake customers, and Snowflake’s revenue and accounting teams already use RightRev as their core revenue recognition software, with 60% improved performance compared to previous solutions. Further investment in RightRev will continue to help accelerate product development to meet the needs of joint customers looking to assess GAAP readiness, automate tedious SSP calculations and account for contractual amendments, all in the Snowflake AI Data Cloud. 

RightRev was founded in 2020 by Jagan Reddy, a veteran in the revenue recognition software industry. Drawing from his experience as the founder of Leeyo Software, Reddy recognized the ongoing challenges in revenue recognition for modern businesses. Driven by his vision to create a hyperscale solution that simplifies the lives of controllers and revenue accountants, he established RightRev as a cloud-based finance and accounting solution provider specializing in revenue recognition automation.

We look forward to the enhanced capabilities this closer partnership will provide for our customers. For more information regarding revenue recognition with RightRev, book a demo with their team.