Demand for Working Capital Solution Drives PrimeRevenue and Setien I eFactor Agreement.
ATLANTA -- PrimeRevenue, the leading provider of supply chain finance solutions, is extending its offering in Latin America through a new partnership with Setien I e-Factor, a company well-known for building connected supplier communities that facilitate Latin America's prominent role in international trade.
The economic recession has generated working capital challenges for buyers and their suppliers the likes of which have not been seen in decades. Buyers are feeling pressure to dramatically reduce working capital, while suppliers are strongly disposed to collect cash more quickly in a credit-constrained environment. Supply Chain Finance offers an effective means to bridge the gap.
"We are pleased to be working with a partner of Setien's calibre and reputation in delivering to the Latin American market the first global, multi-bank, multi-currency platform to support supply chains in that region," said Joe Juliano, CEO, PrimeRevenue. "We expect that there will be strong demand in Latin America, as we are witnessing worldwide, for Supply Chain Finance solutions given working capital challenges in today's economic climate."
"We selected PrimeRevenue as our Supply Chain Finance partner because they have demonstrated years of leadership in this area," said Hector de la Garza, CEO, Setien I e-Factor. "Additionally, we wanted to offer our customers the best options by working with a provider that supports a multi-bank platform, while at the same time giving our banking partners the ability to participate in a manner consistent with their credit appetite."
PrimeRevenue was recently named Best Supply Chain Finance Company by Financial-i Magazine as part of the publication's 2008 Leaders in Innovation Awards. To learn more about PrimeRevenue's solutions and the results they can deliver, please visit www.primerevenue.com.
About Setien I e-Factor
Setien I e-Factor's primary goal is to deliver Supply Chain Finance solutions for corporations and financial institutions located in Mexico and Latin America. The company has extensive experience working with e- factoring solutions in Mexico since 2001. With PrimeRevenueos SCF Platform, Setien I e-Factor can enable corporations and banks to finance suppliers located in Mexico and around the world, connecting them with funds from Mexican as well as non-Mexican financial institutions. Through the partnership, Setien I e-Factor brings to Latin America the first multi-bank solution that equips global corporations with the ability to integrate international subsidiaries' supply chain finance programs on a single platform. Headquartered in Monterrey, Mexico, Setien I e-Factor is an affiliate company of Setien, SA de CV, the largest privately owned commodities trading company in Mexico with offices in the Americas and Asia. For more information, visit www.efactornetwork.com.
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 technology, a global community of the world's most innovative financial institutions and partners, and flexible working capital solutions and advice. 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.
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|Date:||Mar 18, 2009|
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