Major IT Companies That Did Business With SVB
Joseph F. Kovar, Wade Tyler Millward
The collapse of Silicon Valley Bank has sent ripples throughout the financial and technology industries. Here are some of the IT vendors that had done business with the bank.
Bloomberg reported that SVB was part of a loan this year to PTC, a vendor of augmented reality, IoT product life-cycle management and other offerings for industrial businesses.
CRN has reached out to Boston-based PTC for comment. The company has a partner program for systems integrators, consultants and other partner business types.
About 30 percent of the company’s sales come through the channel, according to CRN’s Channel Chiefs list. PTC has about 80 North American channel partners and 700 worldwide.
In January, hybrid cloud data management and storage technology vendor Cloudian raised a $60 million round of funding from a group including SVB.
The San Mateo, Calif.-based vendor offers a partner program for resellers, systems integrators, distributors and other partner business types.
CRN has reached out to Cloudian for comment.
Like other companies that used SVB for accepting payments, SentinelOne sent emails to customers asking them to remit payments to a different bank account, according to an email reviewed by CRN.
The email states that the Mountain View, Calif.-based security vendor maintained “a minimal cash balance at SVB,” but “the vast majority of SentinelOne’s over $1B in total cash, cash equivalents and investments is held at multiple banking partners.”
On SentinelOne’s latest quarterly earnings call, held Tuesday, Chief Financial Officer Dave Bernhardt said “our exposure to Silicon Valley Bank’s insolvency was immaterial, and we have no financial risks associated with them.”
CRN has reached out to SentinelOne for comment.