PrimeRevenue Secures $12 Million
in Series A Financing
Battery Ventures Leads Investment in Financial Supply
Chain Services Company
ATLANTA, GA, October 29, 2004 – PrimeRevenue,
a financial supply chain services company that provides automated
financial services to Global 2000 companies and their suppliers,
today announced that it has completed a $12 million round
of financing led by top tier venture capital firm Battery
Ventures. Battery is joined in the Series A round by eRevenue,
a privately held software company specializing in improving
transactional efficiency for financial institutions.
Proceeds of the investment will be used to expand the company’s
sales and marketing, product development and corporate initiatives.
PrimeRevenue provides Global 2000 companies with electronic
payable presentment capabilities, allowing their suppliers
to receive complete visibility into approved invoice and payment
information, on demand. In addition, PrimeRevenue’s
optional Supplier Finance program allows those same suppliers
to finance any of those receivables earlier than normal invoicing
terms.
For all parties, PrimeRevenue offers significant opportunities
for generating bottom-line and working capital improvements,
as well as financial performance forecasting.
“We have established ourselves as a leader in financial
supply chain services, having successfully addressed the business
and technological challenges required to deliver visibility
and financial strength to all parties throughout the supply
chain," stated Robert Barnes, chief executive officer,
PrimeRevenue. "With the closing of our Series A funding,
PrimeRevenue is in an ideal position to scale the company
to satisfy the growing demand for our services."
In conjunction with the round, Roger Lee, a partner with
Battery Ventures, has joined PrimeRevenue’s board of
directors.
“Financial supply chain offerings are one of the fastest
growing segments of the financial services market, and we
believe PrimeRevenue is well positioned to take on a leadership
role in that arena," Lee said. “As the only vendor
with the type of business model and technology platform that
provides tremendous value for all parties in the supply chain,
we look forward to being part of PrimeRevenue’s continued
growth and success.”
About PrimeRevenue, Inc.
PrimeRevenue is a financial supply chain services company
that provides Supplier Financing, Payables Presentment and
Settlement solutions to Global 2000 companies and their suppliers.
Our program delivers immediate, significant and measurable
bottom-line benefits and working capital improvements. When
PrimeRevenue is part of a company’s financial supply
chain strategy, costs are reduced, profitability is improved
and trading relationships are enhanced. Headquartered in Atlanta,
Georgia, PrimeRevenue has offices and customers throughout
the world. For more information, visit www.primerevenue.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.
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