WalkMe confirms no material exposure to Silicon Valley Bank shutdown

WalkMe (WKME) released a statement in response to the shutdown of Silicon Valley Bank (SIVB), saying that, "As of December 31, 2022, WalkMe had approximately $304.9 million in cash, cash equivalents, bank deposits and marketable securities. Today, a small portion of the Company’s cash and bank deposits, approximately $17 million, is held with Silicon Valley Bank of Santa Clara, California. WalkMe also had a $50 million revolving credit facility with SVB, but that facility was unutilized. SVB is not a customer of WalkMe. The SVB closure has no material impact on WalkMe’s liquidity or day to day operations. The Company’s cash and cash equivalents, bank deposits and marketable securities are held with a diversified portfolio of financial institutions and are sufficient to support its ongoing operations."