SOND - Payoneer Unity Software BILL among others to disclose exposure to Silicon Valley Bank

2023-03-13 03:47:58 ET

Several companies in tech, banking and other sectors remain impacted have come out and said they have exposure to FDIC-shuttered Silicon Valley Bank ( SIVB ).

Financial automation software provider, BILL.com ( BILL ) is currently assessing the potential impacts associated with SVB’s closure , $300M of company's of $2.6B cash and equivalents is held at SVB ( SIVB ). The deposits with SVB are largely uninsured, and it is unclear how much of this cash will be unrecoverable. $370M of $3.3B total cash held in trust on behalf of customers is with SVB.

Of Payoneer Globals ( PAYO ) $6.4B held in total cash balances as of December 31, 2022, less than $20M is held at SVB , which is held through a combination of cash deposits and money market funds purchased through SVB ( SIVB ) but managed by a third party asset manager.

Platform for creating and growing real-time 3D content, Unity Software ( U ) said that it has less than 5% of cash and cash equivalents with SVB and expects minimal impact on operations.

Semiconductor test equipment and services provider, Cohu ( COHU ) announced that it has deposit accounts with SVB with an aggregate balance of ~$12.3M, which is ~3.8% of the company’s total cash and investments.

AI-driven energy solutions and services provider, Stem ( STEM ) estimates less than 5% of our cash and short-term investments could be impacted.

Semiconductor solutions developer, Ambarella ( AMBA ) Form 8-K filing showed that the company had deposits with SVB of ~$17M and company's total cash, cash equivalents and marketable debt securities as of January 31, 2023 was at $206.9M.

Developer of cell programming, Ginkgo Bioworks' ( DNA ) subsidiary Zymergen is held in deposit accounts at SVB , representing ~$74M or 6% of the company’s cash and cash equivalents as of December 31, 2022. However, the company does not maintain any other material accounts or lines of credit with SVB.

Online content recommendation platform, Outbrain ( OB ) said that it has less than 5% of current cash, cash equivalents and investments in marketable securities is held by SVB. The company also has an undrawn revolving credit facility with SVB, and the company does not foresee any near-term needs to draw upon this facility. SVB is also the counterparty to their forward foreign currency hedge contracts.

Technology company powering insurance solutions, ROOT ( ROOT ) maintains ~$1.3M on deposit with Silicon Valley Bank.

Next-generation hospitality company, Sonder ( SOND ) had ~$2M in an operating cash account and ~$20M in deposit accounts with Silicon Valley Bank ( SIVB ). The company had $289M of cash and restricted cash as of December 31, 2022.

Global provider of IoT connectivity products, services and solutions, Digi International ( DGII ) has deposits of over $2M at SVB ( SIVB ). These deposits represent ~5% of Digi’s cash and cash equivalents balances as of March 10, 2023.

Also read about healthcare company exposure to SVB, ' Sangamo, Protagonist, and Eiger among biotechs with exposure to Silicon Valley Bank '

More on SVB track: ' PNC, RBC not to bid for Silicon Valley Bank ' and ' Janet Yellen says U.S. is not considering bailing out Silicon Valley Bank '

For further details see: