Leading Supply Chain Finance Provider Announces Record Second-Quarter Results
PrimeRevenue Reports Continued Growth and Expansion of Global Customer Base
Atlanta, GA, July 23, 2012 - PrimeRevenue Inc., the leading SaaS platform for global Supply Chain Finance (SCF), today announced results for the second quarter of 2012 ended June 30, 2012.
Second-quarter highlights include:
• Continued track record of quarterly Year-over-Year (YOY) growth;
• New buyer programs, with over 70 Buyer programs now live on the PrimeRevenue OpenSCiTM platform;
• Successful launching of new programs in Mexico with the International Finance Corporation (IFC) as the funder and E-Factor Network (EFN) as the sales and deployment partner;
• Tripled the product development team through expansion in the US and in India;
• Significant increase in the number of Asian suppliers joining PrimeRevenue’s SCF programs through the support of the newly opened Hong Kong Operations Center with 83% of all suppliers enrolled in one or multiple programs trading their approved invoices on the PrimeRevenue OpenSCiTM platform;
• SciSupplierTM solution running as of April, 2012 and supporting a mix of multiple funders on the Buyer’s program delivering financing and handling multiple forms of early payment to Suppliers;
• Steady increase in the number of Suppliers on the platform.
Commenting on the Company’s performance, PJ Bain, CEO, stated: “I am very pleased with our strong second quarter results. This solid performance associated with the significant increase in the number of customers and strengthening partnerships are indicative of the tremendous benefits OpenSCiTM, our market-leading, web-based, multi-bank SCF platform delivers to Buyers, Suppliers, and Financial Institution alike. With the expansion of the PrimeRevenue OpenSCiTM solution, we are looking forward to delivering increased value to our growing worldwide customer base,” concluded Bain.