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News

GE, technology lending provides credit facility to syntricity

AZDEL : 19 September, 2007  (Company News)
GE Commercial Finance, Technology Lending, a unit of Global Media & Communications, today announced that it has provided a credit facility totaling $1.5 million for Syntricity Inc., a San Diego-based provider of enterprise yield management software for the semiconductor industry.
GE Commercial Finance, Technology Lending, a unit of Global Media & Communications, today announced that it has provided a credit facility totaling $1.5 million for Syntricity Inc., a San Diego-based provider of enterprise yield management software for the semiconductor industry.

The proceeds from the credit facility will be used to help the company manage its rapid growth as it continues to be the preferred solution provider to leading companies within the semiconductor manufacturing space.

'Syntricity's solutions for yield management have become critical in helping companies achieve profitability and time-to-market objectives,' said Kjerstin Barley, Senior Vice President, GE, Technology Lending. 'We are pleased that this is the first loan out of our new Palo Alto office, and we look forward to continuing this relationship with Syntricity as it transitions to the next stages in its development.'

GE, Technology Lending provided Syntricity with a credit facility that included an accounts receivable line for working capital and a term loan for capital and equipment leasing.

'We value GE, Technology Lending's financial flexibility and industry expertise,' said Clara Leonida, Chief Financial Officer, Syntricity. 'In addition to providing the credit facility we need, they also have the 'staying-power' to be a long-term partner as we grow.'

Late last year, Syntricity secured $5.8 million in Series B preferred funding led by Windward Ventures.
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