Is there any text similarity databse available for phrases?
This is a difficult problem, but definitely worth exploring.
An interesting resource to look into is DBpedia. It aims to extract structured information from the Wikipedia project. It is available under a free license (CC-BY-SA).
You can conveniently explore the project online, e.g.:

IBM
Beam Suntory

Note that you are restricted to the extensive but ending knowledge on Wikipedia, for example Synergy Telecom/SynTel seems not to have an entry. Your creativity would be required to overcome this limitation.