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.
CrowdStrike
Prior to the collapse of SVB Friday, CrowdStrike had a revolving credit line of up to $750 million with SVB since January 2021.
On Friday, CrowdStrike updated a page on its website to disclose that the revolving credit line “remains undrawn and we do not foresee a need to access this facility.” CRN has reached out to CrowdStrike.
Fatima Boolani, co-head for U.S. software equity research at Citi, researched the potential exposure for CrowdStrike in the SVB failure and reportedly determined it “doesn’t seem all that concerning.”
Juniper Networks
Amid the SVB fallout, networking vendor Juniper Networks filed a document with the U.S. Securities and Exchange Commission to report that it “maintains operating accounts at SVB with a minimal cash balance of less than 1% of the Company’s total cash, cash equivalents and investments.”
Juniper “therefore believes its exposure to loss as a result of SVB’s receivership is immaterial,” according to the filing.
The Sunnyvale, Calif.-based vendor had $880.1 million in cash and cash equivalents at the end of 2022, according to a company release.
Juniper has a partner program for resellers, MSPs, solution providers and other partner business types. CRN has reached out for comment.
