Silicon Valley Bank of Menlo Park, Calif., has licensed Magnet Communications Inc.'s iBank suite of Web-based cash management and business banking software.

Silicon Valley Bank, which has 15 years' experience lending to the technology and life sciences industries, also must run the iBank software on Atlanta-based Magnet's Outsource Service platform.

Stephen M. Gordon, the president and chief executive officer of Magnet, said, "We've formed an innovative partnership that will utilize the best components of each company to create new and compelling Web-based business services that go beyond traditional electronic banking and cash management."

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