James D. Robinson III, Former
American Express CEO, Joins PrimeRevenue Board; Company Receives
$10 Million in Series B Financing
ATLANTA, GA, September 19, 2005 —
PrimeRevenue, Inc., an industry-leading provider of supply
chain finance solutions, announced today that James D. Robinson
III has joined the Company’s Board of Directors in conjunction
with PrimeRevenue receiving $10 million in Series B Financing.
This round of financing includes new investor RRE Ventures,
in which Mr. Robinson is a co-founder and general partner,
as well as existing investor, Battery Ventures.
In addition to his role at RRE, Mr. Robinson is former Chairman
and Chief Executive Officer of American Express Company, and
is non-executive Chairman of Bristol-Myers Squibb Company.
He is also on the Board of Coca-Cola Company, First Data Corporation
and Novell, Inc.
“Based on our extensive experience in the capital markets
and working with Global 2000 organizations, RRE believes supply
chain finance is a key driver of shareholder value,”
said Robinson. “PrimeRevenue has established a leadership
position in helping these organizations realize the benefits
of supply chain integration and finance.”
Proceeds from the investment will be used to accelerate its
growth within the supply chain finance market, with particular
focus on expanding its reach into the Global 2000.
“We are extremely pleased to welcome Mr. Robinson to
our Board of Directors,” said Joseph Juliano, CEO, PrimeRevenue.
“His strategic and innovative leadership for Fortune
500 companies and his extensive financial services experience
provides strong validation for the supply chain finance market
as well as PrimeRevenue’s leadership position.”
"We continue to be impressed with PrimeRevenue's success
in the supply chain finance market," said Roger Lee,
general partner with Battery Ventures. "Working hand-in
hand with the management team, we have consistently seen the
key elements that have led to their market leadership: vision,
technical excellence, value creation, and a commitment to
customers. Today's news bolsters the Company's position, and
will help fuel its rapid growth."
PrimeRevenue’s supply chain finance platform and associated
services connect trading partners with financial institutions,
allowing the entire supply chain to generate immediate financial
gains, including improvements which help organizations do
more business with less working capital while lowering costs.
About RRE Ventures
New York based RRE Ventures, founded in 1994 by James D. Robinson
III, Jim Robinson IV and Stuart Ellman, invests in entrepreneurial
technology companies placing special emphasis on ecommerce,
software, communications and related enterprises that can
become industry leaders in rapidly growing markets. With $600
million under management, RRE combines significant capital
resources with a proven track record of successful managerial,
financial and technical experience, in addition to corporate
contacts that create value for its portfolio companies. For
more information, visit www.rre.com.
About Battery Ventures
Founded in 1983, Battery Ventures is a leading venture capital
firm focused on investing in technology companies at all stages
of growth from seed to later stage and tech buyouts. With
a team of over 25 experienced investment professionals, Battery
leverages its people, expertise and capital to actively guide
companies to category dominance. The firm has invested in
over 180 technology companies worldwide across the software
and communications industries. From its offices in Wellesley,
MA and San Mateo, CA the partnership manages over $2 billion
in committed capital, including its new fund of $450 million.
The firm’s exceptionally strong investment returns have
given it one of the best track records in the industry. For
more information, visit www.battery.com.
About PrimeRevenue, Inc.
PrimeRevenue is a supply chain financial services company
that provides automated Supplier Finance, Payables Presentment
and Financial Settlement services to Global 2000 organizations
and their Suppliers. When PrimeRevenue is part of an organization’s
financial supply chain strategy, costs throughout the supply
chain are reduced, working capital efficiency improved and
Supplier relationships enhanced. Headquartered in Atlanta,
Georgia, PrimeRevenue has offices and customers throughout
the world. For more information on PrimeRevenue, visit www.primerevenue.com.
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