: Clearwater Analytics SVB affiliate that is a client is ‘current’ in its payments

Clearwater Analytics Holdings Inc. CWAN said Monday an affiliate of SVB Financial Group’s SIVB Silicon Valley Bank (SVB) is a client, but represented less than 1.5% of recurring revenue a year as of Dec. 31. The company said since the client was current in its payments, the receivable balance is “de minimis.” Otherwise, the provider of software-based investment accounting, reporting and analytics said in statement: “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.” Clearwater moved to reassure investors after its stock dove 15.2% the past two days to close Friday at a 7-month low after SVB’s troubles became public, and as SVB was placed in receivership by regulators on Friday. Clearwater’s stock, which was still inactive in Monday’s premarket, has dropped 27.2% year to date while the S&P 500 SPX has edged up 0.6%.

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