Syndera Corporation Raises $5 Million in Series A Financing

ONSET Ventures and Clearstone Venture Partners Investment
To Fuel Product Development and Business Expansion

REDWOOD CITY, Calif., February 24, 2003 - Syndera Corporation, a provider of application syndication software, today announced it has raised $5.0 million in Series A financing from ONSET Ventures and Clearstone Venture Partners. The investment will allow Syndera to accelerate its product development and expand its core business operations including sales and marketing.

Syndera also announced that Erik Lassila of Clearstone Venture Partners and Mark Hilderbrand of ONSET Ventures have been named to the Syndera Board of Directors. The Board also includes Prashant Gupta, Syndera's founder and CEO.

"Application development, integration and maintenance remain the leading technology challenges facing CIOs," stated Prashant Gupta, founder and CEO of Syndera. "Syndera's application syndication technology represents a fundamental paradigm shift in the way enterprises attack these challenges--allowing enterprises to pre-integrate new applications and leverage existing software assets. As a result, companies can eliminate incremental integration expense and dramatically reduce development, change management and maintenance costs."

Prior to founding Syndera, Mr. Gupta was founder, president and CEO of Tivre. Previously, Mr. Gupta was chief technology officer for CrossWorlds Software, an early pioneer in enterprise application integration (EAI). Mr. Gupta also served as chief architect for Sybase.

"At CrossWorlds Software, Prashant Gupta was the visionary thought leader that helped create the enterprise application integration marketplace," said Erik Lassila of Clearstone Venture Partners. "At Syndera, Prashant is leveraging his experience, technology expertise and customer focus to build a compelling solution and value proposition. Clearstone believes that Syndera's application syndication platform will become a foundation for application development and maintenance at leading enterprises."

"Current integration and development approaches are costly, complex and require developers to learn proprietary skills. Syndera is focused on combining open standards and next-generation technology to change the way enterprises build, integrate and maintain applications," said Mark Hilderbrand of ONSET Ventures. "Early customer validation suggests that Syndera can fundamentally change the economics of application development and integration."

About Syndera

Syndera provides the industry's only application syndication platform that enables enterprises to more easily build, pre-integrate and maintain business applications. Application syndication allows developers to integrate and leverage existing corporate data and application functionality using standard tools, technologies and skills. Syndera software increases developer productivity, eliminates incremental integration expense and reduces on-going change management and maintenance costs. For more information about Syndera please visit www.syndera.com.

About ONSET Ventures

Based in Menlo Park, ONSET Ventures has more than $500 million under management. The company provides venture capital to early stage companies in the information and medical technology markets. Since 1984, ONSET Ventures has provided both the start-up investment capital and the dedicated mentoring that innovative young companies need to grow and succeed. For more information please visit www.onset.com.

About Clearstone Venture Partners

Clearstone Venture Partners is a technology-focused venture capital firm with $450 million under management. With offices in Menlo Park and Santa Monica, Calif., Clearstone invests in early-stage companies in the areas of software and communications. The firm's investors include investment entities of CalPERS, Goldman Sachs, HarbourVest, Horsley Bridge, JP Morgan, Merrill Lynch, and MIT. Clearstone has a history of leadership in financing and building high-growth technology start-ups, having backed leading companies including Exemplary Software, Intersperse, Overture Services (OVER), Paypal (EBAY), and United Online (UNTD). For more information please visit www.clearstone.com.