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Syntra Secures $50 Million from Softbank, Inktomi

E-commerce services provider Syntra closed on $50 million in financing with investments from Softbank Capital Partners and Inktomi Corp.

Meritech Capital Partners, a later stage investing affiliate of Oak Investment Partners, Syntra's largest shareholder, also participated.

"The exponential growth of global e-commerce hinges on breakthrough technologies like those provided by Syntra. We look forward to working with Syntra to roll out these solutions globally; we have an extensive network of companies ready to benefit from the company's services for global commerce," said Masayoshi Son, president and chief executive officer of Softbank Corp.

Syntra will become a part of the Softbank investment family, which includes Yahoo!, FastParts, Verisign and Electron Economy.

The company delivers a turnkey solution to power a wide range of B2B exchanges, enterprises and portals and recently added 20 new customers including DHL Worldwide Express, Fingerhut and Commerx, the developer of PlasticsNet.com. Syntra also recently acquired ISM, a Europe-based commerce management company, which expanded its international presence.

"This funding will accelerate the rapid proliferation of Syntra's ASP services worldwide through new partners and expanded distribution channels," said Richard Giordanella, chairman and chief executive officer at Syntra.