Snap Inc. on Jan. 30 signed a five-year cloud services agreement with Alphabet Inc. unit Google Inc.

The owner of messaging app Snapchat secured a worldwide nonexclusive license to access certain services under the Google Cloud platform, according to a Feb. 2 filing for Snap's offering. Under the deal, Snap will purchase cloud services worth at least $400 million per year. It can request Google to slash the purchase commitment in case of a revenue decline, and up to 15% of the amount may be moved to the following year.

In exchange, Snap will be able to use the Google Cloud services at discounted rates. The deal will automatically renew for consecutive 12-month terms, unless either company chooses to end the contract.

Snap said "a vast majority" of its services rely on Google Cloud, such that any disruption in using the platform or any transition to another cloud provider would "negatively affect our operations and seriously harm our business."