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Cloud and data executive will be paramount to the investment firm’s further bets in the digital economy.
Founder and Editor, The Tech Capital
January 13, 2021 | 11:05 AM GMT
Blackstone (NYSE:BX) has appointed Frank Slootman as a senior advisor. Slootman is currently the chairman and chief executive officer of Snowflake and is an entrepreneur with over 25 years of enterprise software industry experience.
He will advise across Blackstone’s businesses, with a focus on Blackstone Growth (BXG). At Snowflake, which recently completed an initial public offering, and previously at ServiceNow and Data Domain, Slootman has had repeated success creating fast-growing, market-leading software businesses, the investment firm said.
Jon Korngold, global head of Blackstone Growth, said: “Frank is a software industry visionary who has an incredible track record of building great teams and world-class companies. Given BXG’s focus on partnering with entrepreneurs to help transform regional champions into global industry leaders, Frank’s insights will be invaluable to us and to our portfolio companies.”
Slootman added: “I’m excited to advise Blackstone. Having run a number of global software companies, I appreciate the scope of resources that Blackstone can bring to high-growth technology companies. Given this period of high growth and innovation, Blackstone is well positioned to help entrepreneurs realize their potential and execute on their visions.”
Prior to Snowflake, Slootman spent six years as CEO and president of ServiceNow, a cloud computing platform for digital workflows.
At ServiceNow, he helped grow the business, advancing the company through an IPO and increasing its annual revenue to US$1.4 billion.
His experience also includes time as president of the backup recovery systems division at EMC and as CEO and president of Data Domain Corporation, where he led the company through its IPO process.
BXG, Blackstone’s global growth equity platform, is focused on providing capital to companies seeking to minimize the execution risks associated with high-growth environments. BXG’s recent investments include Bumble, Oatly, and ISN.
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