Former American Express CEO Joins PrimeRevenue Board

James Robinson III comes on board as financial supply chain solutions provider raises $10 million in Series B financing

James Robinson III comes on board as financial supply chain solutions provider raises $10 million in Series B financing

Atlanta, GA — September 19, 2005 — The former CEO of American Express has joined the board of directors of PrimeRevenue, a provider of supply chain finance solutions, in conjunction with PrimeRevenue receiving $10 million in Series B financing, the solution provider has announced.

James D. Robinson III, a former chairman and chief executive at American Express, is a co-founder and general partner in RRE Ventures, a new investor in PrimeRevenue. RRE joined existing PrimeRevenue investor Battery Ventures in the provider's latest funding round.

In addition to his role at RRE, Robinson is non-executive chairman of Bristol-Myers Squibb Company. He is also on the board of Coca-Cola Company, First Data Corporation and Novell.

"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."

PrimeRevenue said that the 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 of 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 said its supply chain finance platform and associated services connect trading partners with financial institutions, helping organizations do more business with less working capital while lowering costs.

Additional Articles of Interest

— P-cards continue to advance, and e-payables solutions are making headway, but the convergence of the financial and physical supply chains is still a work in progress. Read more in "Enabling the Financial Supply and Demand Chain," in the April/May 2005 issue of Supply & Demand Chain Executive.

— For more information on the current state of the payment solutions market, see the article "The Analyst Corner: Payment" in the December 2004/January 2005 issue of Supply & Demand Chain Executive.

Tax and supply chain management are often considered to be two distinct disciplines, but this view misses an opportunity to leverage the business benefits achieved by an automated and integrated tax department. For more insights, read "Transaction Tax Management: A Seat at the Supply Chain Table," an exclusive.