Auction Tech 'has no material exposure' to SVB

Online marketplace operator Auction Technology Group on Monday said it had limited exposure to collapsed Silicon Valley Bank.

The company, which runs seven online platforms connecting 2,300 auction houses with potential bidders, said SVB represented about one-sixth of the almost $200m in loan facilities it has with a syndicate of six banks.

"ATG has a strong liquidity position, benefiting from both ongoing cash generation from operations as well as funding and liquidity access from the other five banks within the syndicate," it said in a statement.

IP added that it had $10.0m in cash deposits, of which 5% is held on deposit at SVB.

"The group therefore does not believe that the developments around Silicon Valley Bank represent a material impact to the group's current or future liquidity position."

Reporting by Frank Prenesti for Sharecast.com