Fineos Corp's Svb Exposure Unlikely To Be Received Well By Market: RBC

FINEOS Holdings

14/03/2023 02:05

** Australia's FINEOS Corporation  FCL.AX  said earlier in
the day that it uses Silicon Valley Bank as 'clearing house' for
payments from a small number of U.S. based clients
    ** Analysts at RBC say that FCL is one of the important
names among Aussie tech companies having SVB exposure on the
back of their high component of US sales
    ** Brokerage says that the announcement made today by co is
unlikely to be received well by the market 
    ** FINEOS shares are currently down 0.4%
    ** Co also confirms that it insitigated a transaction to
move $1.5 mln off SVB account on March 10 but was cancelled
    ** Stock has fallen 25.9% this year as of last close 

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))