‘Our exposure to Silicon Valley Bank’s insolvency was immaterial,’ SentinelOne CFO Dave Bernhardt said Tuesday.
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earnings call, held Tuesday.
Dave Bernhardt, chief financial officer of the Mountain View, Calif.-based vendor, told listeners on the call that “our exposure to Silicon Valley Bank’s insolvency was immaterial, and we have no financial risks associated with them.”
An email sent to SentinelOne customers reviewed by CRN said that SentinelOne “maintains a minimal cash balance at” Silicon Valley Bank (SVB), but “the vast majority of SentinelOne’s over $1B in total cash, cash equivalents and investments is held at multiple banking partners.”
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SentinelOne Addresses SVB Exposure
The email goes on to ask customers to “remit all your payments to” a new bank account because SentinelOne is “no longer accepting payments at Silicon Valley Bank.”
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All of SentinelOne’s sales come through the channel, with 100 percent of revenue from solution providers, according to information submitted for CRN’s 2023 Channel Chiefs list.
The vendor has about 950 North American channel partners and 3,100 worldwide.
Companies including CrowdStrike, RingCentral, Juniper Networks and Sumo Logic have addressed concerns in recent days over their levels of exposure to SVB after the 40-year-old Santa Clara, Calif.-based bank known for doing business with startups collapsed on Friday.
Solution providers who spoke with CRN said that they were working with customers who held assets at SVB and that the collapse could have ripple effects on the startup and financial services industries. The collapse was a reminder to solution providers to assess the risks posed by their customers, including how many banks they use and which ones.
In a joint statement Sunday, Secretary of the Treasury Janet Yellen, Federal Reserve Board Chair Jerome Powell and Federal Deposit Insurance Corp. (FDIC) Chairman Martin Gruenberg announced that the government would fully protect all depositors of SVB with no losses borne by taxpayers.