What if you had a license to go after a multibillion-dollar market opportunity that was closed off to many of your biggest competitors? That's exactly what cloud-based data company Snowflake (NYSE: SNOW) believes it has.

On Dec. 11, Snowflake announced it had achieved FedRAMP High Authorization from The Federal Risk and Authorization Management Program (FedRAMP). This government program provides a standardized approach to ensuring that cloud services are secure and low-risk for various agencies.

In an interview with Data Cloud Now, Snowflake Senior District Manager Enterprise Kevin Griffith said, "Companies that have achieved this certification, they view it as a hunting license," to get new federal customers. He went on to say, "The companies that don't have it, the perception is that the market is closed."

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Source Fool.com