Atlanta, GA – April 30, 2009 – PrimeRevenue, a leading provider of Supply Chain Finance solutions, announces the completion of a US$3.0 million venture loan from Toronto-based MMV Financial. The Company provides a combination of technology solutions and services that links buyers, their suppliers, and financing providers and helps both buyers and suppliers to optimize working capital and to mitigate financial risk in the supply chain. PrimeRevenue is privately held with investment from Battery Ventures, RRE Ventures and other angels.
"We’re pleased to work with MMV Financial especially given their team’s enthusiasm in working with us. Given the number and range of opportunities they explore, their endorsement of PrimeRevenue has been a great validation,” said Joe Juliano, Chief Executive Officer of PrimeRevenue. “We’ve just completed our fourth consecutive quarter of profitability, and have significantly grown our sales and marketing team in North America and Europe to meet the demand for Supply Chain Finance solutions in today’s economic environment. This financing will strengthen our balance sheet and add flexibility in addressing the needs of current - and future - customers.”
“We believe PrimeRevenue is a pioneer in Supply Chain Finance solutions; its platform makes a strong value statement to buyers, their suppliers and the supply chains in which they participate. MMV is really excited to contribute to the ongoing success of the Company” said Ron Patterson, Executive Vice President, MMV Financial 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 optimize working capital, 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.
About MMV Financial
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions directly to technology and life sciences companies across North America. MMV is backed by top U.S. and Canadian private equity firms and financial institutions including CCP Equity Partners, Caisse de dépôt et placement du Québec, Fonds de Solidarité des Travailleurs du Québec, HSBC Bank Canada, NewStar Financial Inc., ROI Capital, and Wells Fargo Company. For more information please visit: www.mmvf.com
Executive Vice President
MMV Financial Inc.
Marketing and Global Program Management