Cloud News
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.
Sumo Logic
Sumo Logic, which provides cloud-based machine data analytics tools, on its website said that 1.5 percent of the “cash, cash equivalents, and marketable securities of approximately $335 million in total as of March 10” is “in cash operating accounts with SVB.”
“The remainder of our cash, cash equivalents and marketable securities are held in operating, custody and investment accounts at other financial institutions,” according to the post from Redwood City, Calif.-based Sumo Logic. “We have no outstanding balance on our line of credit with SVB.”
The vendor has a channel partner program for systems integrators, resellers, MSPs and other partner business types. The vendor has about 120 North American partners and 200 worldwide, according to CRN’s Channel Chiefs list.
CRN has reached out to Sumo Logic for comment. The publicly traded vendor is expected to go private in a $1.7 billion deal with investment firm Francisco Partners. The deal is expected to close in the second quarter of 2023.
