Versana announced that founding investor Citi (NYSE: C) is now connected to its transformative digital data platform, “enabling syndicated loans agented by Citi to be available to Versana’s growing subscriber base in real-time.”
Citi joins Versana’s other three founding investors – Bank of America, Credit Suisse and J.P. Morgan – in “centralizing global reference, historical transaction, position and floating-rate contract details for the $7 trillion syndicated loan and private credit markets.”
Thousands of additional facilities are “expected to be available on the platform in the coming months as Versana continues to scale and onboard three additional agent banks – Deutsche Bank, Morgan Stanley and Wells Fargo – all of which invested in Versana earlier this year.”
Versana’s Founding CEO Cynthia E. Sachs said:
“With Citi’s connectivity to Versana, we continue to deliver on our mandate to digitally centralize administrative agents’ data on one platform across the corporate loan asset class. We thank Citi for their tireless work in making this launch a reality. We’re thrilled for Citi to join their founding investor peers in offering a total of 1,500 facilities, $900 billion in commitments, on the Versana platform to their institutional clients.”
Michael Hershkowitz, Chief Operating Officer of Wholesale Lending for Citi‘s institutional businesses, said:
“Citi has been committed to the Versana platform from the very beginning as we recognized that real-time information sharing is critical for the growth of the syndicated loan market. We’re excited to be fully connected to the Versana platform and to further Versana’s mission to transform the industry.”
As noted in the update, Versana is “an industry-backed digital data and technology company on a mission to transform the syndicated loan and private credit markets.”
By digitally capturing agent banks’ data on a real-time basis, Versana provides unprecedented transparency “into corporate loan level details and portfolio positions, bringing efficiency and velocity to the entire asset class.”
Through their centralized platform, participants “can rest assured they are accessing the loan market’s most credible source of deal information.”
