News
Press Release
SYNTRICITY RECEIVES $1.5 MILLION GE COMMERCIAL FINANCE CREDIT LINE
Supports rapid growth and demand for Software as a Service (SaaS) delivery model
SAN DIEGO, CALIFORNIA, April 20, 2006 – Syntricity Inc., a provider of enterprise yield management (EYM) software for the semiconductor industry, today announced that it has received a credit facility totaling $1.5 million from GE Commercial Finance - Technology Lending, a unit of Global Media & Communications. 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 semiconductor manufacturing companies and for capital and equipment spending to support expanding demand for its Software as a Service (SaaS) delivery model.
"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.
About Syntricity
Syntricity is the pioneer in enterprise yield management. Its yield management software is used by leading semiconductor companies, test vendors and wafer foundries to gather, manage and analyze data from facilities around the world to improve yield, reduce product development cycles, and increase profits. A privately held company, Syntricity is headquartered in San Diego, California. For more information, contact Syntricity Inc., 6020 Cornerstone Court West, San Diego, California 92121; Tel: (858) 552-4485; Fax: (858) 552-4493. Or visit http://www.syntricity.com.
About Technology Lending
GE Commercial Finance - Technology Lending (getechnologylending.com) provides debt and associated equity financing to technology-related businesses. Industry segments include Semiconductors, Software/Applications, Networking/Applications, Communications Infrastructure/Applications, IT Services, Internet Services, Media/Content, Consumer Electronics and Clean Energy Technology. Technology Lending is a business unit of GE Commercial Finance - Global Media & Communications. With over $5 billion in assets, offices in Atlanta, Chicago, London, New York, Norwalk, Palo Alto, San Francisco and resources in Asia-Pacific, Global Media & Communications represents a one-stop source for the comprehensive range of GE's lending and other structured financial services offered to the telecom, media, technology and sports & entertainment marketplace. For more information, visit gegmc.com.
About GE Commercial Finance
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $190 billion and is headquartered in Stamford, Connecticut. GE (NYSE: GE) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems. GE serves customer in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's website at ge.com.
Media Contacts:
Andrea Roberts, Technical Media
AR Marketing, Inc, (858) 451-8666
Valerie Chereskin, Business Media
Chereskin Communications, (760) 942-3116