Silicon Valley Bank Receivership Has Non-Material
Impact
BOISE,
Idaho, March 13, 2023 /PRNewswire/
-- Clearwater Analytics Holdings, Inc. ("Clearwater Analytics"
or the "Company") (NYSE: CWAN), a leading provider of SaaS-based
investment accounting, reporting, and analytics solutions, is aware
that Silicon Valley Bank ("SVB") has been placed into receivership
by U.S. banking regulators. The Company does not hold any deposits
at SVB or have any other direct investments at SVB and we do not
expect the SVB closure to have any effect on our liquidity or
treasury operations.
An affiliate of SVB is a client of the Company that
represented less than 1.5% of annualized recurring revenue
("ARR") of the Company as of December 31,
2022. The client was current in its payments; therefore, the
client's receivable balance is de minimis. Our services to the
entity entailed providing reports to the entity's end-clients of
their investments held at a third-party custodian. We do not
have an indication that this entity is also in receivership, and so
the entity may continue as a client. Moreover, if the entity
ceases to be a client, end-clients of the entity may continue to
use our services directly or via another asset
manager.
Based on the foregoing, the Company does not believe it has any
material exposure to SVB receivership.
Use of Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
based on management's beliefs and assumptions and on information
currently available to management. Forward-looking statements
include information concerning the Company's possible or assumed
future results of operations, business strategies, technology
developments, financing and investment plans, dividend policy,
competitive position, industry, economic and regulatory
environment, potential growth opportunities and the effects of
competition. Forward-looking statements include statements that are
not historical facts and can be identified by terms such as
"anticipate," "believe," "could," "estimate," "expect," "intend,"
"may," "plan," "potential," "predict," "project," "seek," "should,"
"will," "would" or similar expressions and the negatives of those
terms, but are not the exclusive means of identifying such
statements.
Forward-looking statements involve known and unknown risks,
uncertainties, and other factors, many of which are beyond
Clearwater Analytics' control, that may cause the Company's actual
results, performance, or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. These risks and
uncertainties may cause actual results to differ materially from
Clearwater Analytics' current expectations and include, but are not
limited to, risks related to exposure to affiliates of SVB,
uncertainty with respect to the liquidity and solvency of other
financial institutions, and counterparty risk with other companies
with which the Company does business, including the Company's
customers and financing sources, as well as other risks and
uncertainties detailed in Clearwater Analytics' periodic public
filings with the SEC, including but not limited to those discussed
under "Risk Factors" in the Company's Annual Report on Form 10-K
for the year ended December 31, 2022
filed on March 3, 2023, and in other
periodic reports filed by Clearwater Analytics with the SEC. These
filings are available at www.sec.gov and on Clearwater Analytics'
website.
Given these uncertainties, you should not place undue reliance
on forward-looking statements. Also, forward-looking statements
represent management's beliefs and assumptions only as of the date
of this press release and should not be relied upon as representing
Clearwater Analytics' expectations or beliefs as of any date
subsequent to the time they are made. Clearwater Analytics does not
undertake to and specifically declines any obligation to update any
forward-looking statements that may be made from time to time by or
on behalf of Clearwater Analytics.
About Clearwater Analytics
Clearwater Analytics (NYSE: CWAN), a global, industry-leading
SaaS solution, automates the entire investment lifecycle. With a
single instance, multi-tenant architecture, Clearwater offers award-winning investment
portfolio planning, performance reporting, data aggregation,
reconciliation, accounting, compliance, risk, and order management.
Each day, leading insurers, asset managers, corporations, and
governments use Clearwater's
trusted data to drive efficient, scalable investing on more than
$6.4 trillion in assets spanning
traditional and alternative asset types.
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SOURCE Clearwater Analytics, LLC