Buyout Brief

IPhrase Technologies Inc., a Cambridge, Mass.-based provider of Web site navigation and search platform software, has acquired Banter Systems Inc., a San Francisco-based provider of automatic classification software used to understand content and informal communications.

Deal terms of the all-stock transaction were not disclosed.

Banter had raised over $55 million in venture capital funding since its 1997 inception, with investors including FT Ventures, Lucent Ventures and Mayfield Fund.

Iphrase has raised over $35 million in venture funding, with support from Charles River Ventures, Greylock, RSA Capital, Reed Elsevier Ventures, Sequoia Capital and TD Capital Technology Ventures.