Leading Supply Chain Finance Provider PrimeRevenue Announces Record 2009 Results
Supply Chain Finance Revenue Doubles as Demand for Open SCF Platforms Accelerates
ATLANTA–(BUSINESS WIRE)– PrimeRevenue, the leading open Supply Chain Finance (SCF) platform provider, announced operating results for the year ending December 31, 2009.
Among its accomplishments for the year, PrimeRevenue’s SCF Platform helped multiple European and North American clients achieve more than $100 million each in working capital reductions while providing more than $10 billion in on-demand, low cost financing to suppliers in 31 countries and ten currencies. As a result, the Company’s SCF revenue more than doubled in 2009 over 2008 levels.
Additional performance highlights included:
An important component of PrimeRevenue’s success has been its open, multi-bank SCF technology platform which is especially valued by organizations with strategic supply chains seeking control and flexibility in their SCF programs. This open, multi-bank capability has become increasingly valued in a world of tighter credit and greater uncertainty in the financial markets.
“I’m very proud of PrimeRevenue’s performance this year but what I’m most thrilled about is the results our clients are obtaining with their SCF programs. Ultimately it’s client success that drives long term, repeatable results,” said P.J. Bain, PrimeRevenue CEO. “To have multiple clients each achieve more than $100 million in working capital reductions and to be cited for our contribution in two of our clients’ earnings calls is a tremendous indicator of the value we’re providing.”
About PrimeRevenue, Inc.
For Global 2000 organizations who view their supply chains as a strategic asset and are seeking to increase supply chain efficiency, PrimeRevenue is the leading provider of open platform Supply Chain Finance (SCF) technology and services. Our open SCF platform and working capital advisory services provide these organizations with the control and flexibility required to drive superior SCF results, reducing cost, capital and risk throughout their supply chains and forging stronger trading partner relationships. Headquartered in Atlanta, Georgia, USA, PrimeRevenue has offices and customers throughout the world. For more information, visit www.primerevenue.com.