PrimeRevenue

PrimeRevenue

September 19, 2005 08:00 ET

James D. Robinson III, Former American Express CEO, Joins PrimeRevenue Board; Company Receives $10 Million in Series B Financing

ATLANTA--(CCNMatthews - Sep 19, 2005) -

PrimeRevenue, Inc., an industry-leading provider of supply chain finance solutions, announced today that James D. Robinson III has joined the Company's Board of Directors in conjunction with PrimeRevenue receiving $10 million in Series B Financing. This round of financing includes new investor RRE Ventures, in which Mr. Robinson is a co-founder and general partner, as well as existing investor, Battery Ventures.

In addition to his role at RRE, Mr. Robinson is former Chairman and Chief Executive Officer of American Express Company, and is non-executive Chairman of Bristol-Myers Squibb Company. He is also on the Board of Coca-Cola Company, First Data Corporation and Novell, Inc.

"Based on our extensive experience in the capital markets and working with Global 2000 organizations, RRE believes supply chain finance is a key driver of shareholder value," said Robinson. "PrimeRevenue has established a leadership position in helping these organizations realize the benefits of supply chain integration and finance."

Proceeds from the investment will be used to accelerate its growth within the supply chain finance market, with particular focus on expanding its reach into the Global 2000.

"We are extremely pleased to welcome Mr. Robinson to our Board of Directors," said Joseph Juliano, CEO, PrimeRevenue. "His strategic and innovative leadership for Fortune 500 companies and his extensive financial services experience provides strong validation for the supply chain finance market as well as PrimeRevenue's leadership position."

"We continue to be impressed with PrimeRevenue's success in the supply chain finance market," said Roger Lee, general partner with Battery Ventures. "Working hand-in-hand with the management team, we have consistently seen the key elements that have led to their market leadership: vision, technical excellence, value creation, and a commitment to customers. Today's news bolsters the Company's position, and will help fuel its rapid growth."

PrimeRevenue's supply chain finance platform and associated services connect trading partners with financial institutions, allowing the entire supply chain to generate immediate financial gains, including improvements which help organizations do more business with less working capital while lowering costs.

About RRE Ventures

New York based RRE Ventures, founded in 1994 by James D. Robinson III, Jim Robinson IV and Stuart Ellman, invests in entrepreneurial technology companies placing special emphasis on e-commerce, software, communications and related enterprises that can become industry leaders in rapidly growing markets. With $600 million under management, RRE combines significant capital resources with a proven track record of successful managerial, financial and technical experience, in addition to corporate contacts that create value for its portfolio companies. For more information, visit www.rre.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.

About PrimeRevenue, Inc.

PrimeRevenue is a supply chain financial services company that provides automated Supplier Finance, Payables Presentment and Financial Settlement services to Global 2000 organizations and their Suppliers. When PrimeRevenue is part of an organization's financial supply chain strategy, costs throughout the supply chain are reduced, working capital efficiency improved and Supplier relationships enhanced. Headquartered in Atlanta, Georgia, PrimeRevenue has offices and customers throughout the world. For more information on PrimeRevenue, visit www.primerevenue.com.

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