NORWALK, Conn.--(BUSINESS WIRE)--April 19, 2006--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.
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.
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.
Contacts
GE Commercial Finance
Ned Reynolds, 203-229-5717
[email protected]
or
CJP Communications
Dawn Cabral, 212-279-3115 x147
[email protected]
Britta Kons
GE Healthcare Global Services
[email protected]
1-203-400-1892