News | October 14, 2008

Companies Thaw Credit Freeze With PrimeRevenue Supply Chain Finance Solution

ATLANTA--(BUSINESS WIRE)--PrimeRevenue, the leading global provider of Supply Chain Finance (SCF) solutions reported strong demand for Supply Chain Finance as companies struggle to source liquidity in today's credit-constrained environment.

PrimeRevenue's SCF Platform™ is an online network that links global companies ("Buyers"), their suppliers ("Suppliers"), and third-party Financial Institutions in a secure web environment. Through Supply Chain Finance, Suppliers of all sizes can access financing based on the credit risk profile of the large Buyer. This serves to both increase the availability and drive down the cost of financing for Suppliers, reducing cost and financial risk throughout the Buyer's supply chain. A network of financial institutions provides liquidity to fund early payment requests.

Approximately 300 new Suppliers have been added to the SCF Platform -- totaling a spend volume of $5.8 billion -- in the six months ending September 2008. Not including these new suppliers, payments processed by PrimeRevenue from its founding in 2004 to September 30, 2008 total $36 billion, outpacing all other SCF providers worldwide.

PrimeRevenue CEO Joe Juliano said: "Working capital finance is the lifeblood of modern commerce. Today, its flow is severely constricted. It is critical for companies to have flexible, reliable and available access to cash when needed – which is exactly what our Supply Chain Finance platform delivers." Added Juliano: "Our substantial growth over the past few months is a direct consequence of increased strain in the credit markets. Companies are telling us that they see Supply Chain Finance as a complement to existing working capital facilities, or as an outright replacement to those that have been removed. All have welcomed the value our ‘on-demand' working capital facility gives them to meet on-going business requirements in this unprecedented credit crunch."

Suppliers cite PrimeRevenue as a powerful option in the current credit market environment. Masonite Corporation, one of the world's leading manufacturers of interior doors and entry door systems, announced its participation in the PrimeRevenue SCF Program in September 2008. Masonite joined at the invitation of one of its large retail customers. "We are very pleased to have worked with PrimeRevenue and our customer to launch this facility at attractive rates in an extremely difficult credit market. This transaction demonstrates our continued focus on creating cost efficient access to capital markets and strengthening cash flow," said Fred Lynch, President and Chief Executive Officer of Masonite.

Since the advent of 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 and suppliers have been able to access financing in 22 countries worldwide, receiving payments in 9 currencies. Financial institution partners include Bank of America, BMO Capital Markets, Macquarie Bank, Morgan Stanley, and National City Bank, among others.

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 Software as a Service (SaaS) 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.