PrimeRevenue’s Supply Chain Finance Platform Drives $30 Billion in Payments and Financing – ‘Credit Crunch’ Fuels Demand
Firm Doubles Customer, Trading and Revenue Metrics Worldwide
ATLANTA, June 12, 2008 - PrimeRevenue, the leading global provider of Supply Chain Finance (SCF) solutions announced key performance milestones today.
The PrimeRevenue SCF Platform™ processed over $30 billion in payments from 40 buyer organizations. More than half were made in the twelve months ending May 2008. By year-end 2008, existing and new programs are planned to bring an additional $25 billion in payments and financing for the year.
Since the ‘credit crunch’ in August 2007, supplier-initiated receivables sold via the PrimeRevenue solution grew approximately 40%. Several thousand supplier accounts are live and trading in 22 countries worldwide, receiving payments in 9 currencies. PrimeRevenue’s supplier population doubled in the twelve months ending May 2008.
The privately-held company, founded in 2003, links Buyer companies and their Suppliers in a secure web environment, offering those Suppliers guaranteed payment visibility and on-demand early payment of receivables. A network of financial institutions provides liquidity to fund early payment requests, as well as marketing the PrimeRevenue solution to strategic customer accounts.
Financial institution partners include Bank of America, BMO Capital Markets, Macquarie Bank, Morgan Stanley, and National City Bank. A total of 20 financial institutions and non-financial partners promote the PrimeRevenue SCF Platform™, principally in North America, Europe and Australasia markets.
In a recent Dow Jones story, Ron Embree, president and chief executive of River Bend Industries, said that the PrimeRevenue solution delivered greater cash management flexibility. “Cash is king,” Mr. Embree reports, noting that the PrimeRevenue solution “allows us to plan ahead. Conditions in terms of securing funding are just going to be tougher, the lenders are going to be more cautious, and this gives you easy access.”
PrimeRevenue CEO Joe Juliano said: “Our solution, compared to other working capital offerings, provides the greatest capability for the supplier to optimize their working capital. As risk becomes more traditionally priced and credit availability constrained, organizations find our solution to provide the best of all worlds, on-demand working capital.” Added Juliano: “Our growth shows that Supply Chain Finance is gaining significant traction with large corporates, their suppliers, and financial institutions focusing on global trade.”
About PrimeRevenue, Inc.
PrimeRevenue's leading global Supply Chain Finance (SCF) platform and solutions enable dramatic new working capital efficiencies for the benefit of buyers and their suppliers. PrimeRevenue achieves this through the delivery of secure, robust, industry-leading technology, a global community of the world’s most innovative financial institutions and partners, and flexible working capital solutions and advice. Bank Technology News named PrimeRevenue as a “Top 20 innovation in the past 20 years” Companies are relying on SCF deployments powered by PrimeRevenue to increase profitability, remove risk from their supply chain, and forge stronger trading partner relationships. Headquartered in Atlanta, Georgia, PrimeRevenue has offices and customers throughout the world. For more information visit www.primerevenue.com.
MEDIA CONTACTS:
Shari Garnsey
Global Manager, Marketing and Communications
+1 678 904 7141
sgarnsey@primerevenue.com
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