An update on DocuSign’s relationship with Silicon Valley Bank
Given the events surrounding Silicon Valley Bank (SVB), DocuSign is sharing an update on the situation and its impact on our business. In short, we believe the SVB situation is immaterial to DocuSign.
First and foremost, we have diversified our banking relationships with global banks and today we collect a limited amount of cash payments through SVB. It is an immaterial amount, and we believe there would be no significant impacts to the company even if the U.S. federal government was not protecting all deposits.
SVB is also part of our revolving credit facility announced in 2021, though it is undrawn and we believe there is no impact on our access to capital. While some of our older financial filings disclosed a credit facility with SVB that had exclusivity elements, that facility expired in May 2018. Please refer to our public filings (including our most recent 10-K and 10-Q) for more current information on our capital resources.
As of today, we do not believe our customers, partners and vendors are materially affected by SVB's closure, and expect that the federal government's actions to protect depositors will alleviate most potential concerns in this area. We're continuing to monitor the situation closely.