HI - PrimeRevenue Congratulates Customers ICA Gruppen and Hillenbrand on 2018 Supply Chain Finance Award Recognitions
ATLANTA, Nov. 29, 2018 /PRNewswire/ --PrimeRevenue, Inc., the leading provider of working capital financial technology solutions, announced today that its customers, ICA Gruppen and Hillenbrand, Inc. (NYSE: HI), have been recognized as 2018 Supply Chain Finance Leaders.
This prestigious award, presented at the Supply Chain Finance (SCF) Forum event in Amsterdam, acknowledges leading companies for their successful SCF efforts in helping to fund supply chains around the world. The award is organized by the SCF Community Forum, which brings together corporates, business schools, technology vendors and banks to map out the future of SCF.
"ICA and Hillenbrand's entries demonstrate how supply chain finance is enabling global businesses to improve cash flow and supplier relationships all at once," said PJ Bain, CEO, PrimeRevenue. "Through the implementation of its SCF program, ICA Gruppen has helped to improve collaboration and innovation on both sides of its value chain, while Hillenbrand's supply chain finance program enabled them to achieve 130 percent of their cash flow goal."
Professor Dr. Michael Henke, co-chair of the judging panel, called this year's crop of entries "a breakthrough year for the SCF Awards," with a record 30 global entries received. ICA Gruppen was named the winner and Hillenbrand was among the seven finalists for the award.
"ICA has set a new standard for supply chain collaboration as ICA and its suppliers have materially improved cash flow to invest in their businesses," Bain continued. "ICA has surpassed its cash flow goals in a short period of time, including doubling its Q1 2017 cash flow from operating activities in Q1 2018, and its suppliers are trading 94 percent of their invoices on average. This level of collaborative innovation is the essence of sustainability."
"Being named a finalist for this award is an honor for the Hillenbrand team," said Kristina Cerniglia, SVP & Chief Financial Officer, Hillenbrand. "PrimeRevenue's supply chain finance program helped our Batesville business more efficiently manage working capital and improve flexibility with suppliers. It also provided a platform that we plan to use to expand these benefits across the enterprise."
"With just one business segment, Hillenbrand realized a record free cash flow in 2017," said Bain. "As a result, Hillenbrand saw an increase in its stock price and the company plans to extend its SCF program to units overseas in Europe. I can't wait to see what they do."
Winners were chosen by an independent panel of judges, which included Michael Henke of the Fraunhofer Institute; Michiel Steeman, director of the SCF Community, Andrea Buralli, Group Operations Sourcing Director (CPO) at Luxottica Group; Matthieu Landmann, Controller at Nestrade S.A; and Mikko Vainikka, Director, Treasury Operations, at Metso.
About ICA Gruppen
ICA Gruppen AB (publ) is a leading retail company with a focus on food and health. The Group includes ICA Sweden and Rimi Baltic, which mainly conduct grocery retail, ICA Real Estate, which owns and manages properties, ICA Bank, which offers financial services, and Apotek Hjärtat, which conducts pharmacy operations. The Group also includes Hemtex. For more information see icagruppen.se.
About Hillenbrand
Hillenbrand (www.hillenbrand.com) is a global diversified industrial company with multiple market-leading brands that serve a wide variety of industries across the globe. We pursue profitable growth and robust cash generation to drive increased value for our shareholders. Hillenbrand's portfolio is composed of two business segments: the Process Equipment Group and Batesville. The Process Equipment Group businesses design, develop, manufacture and service highly engineered industrial equipment around the world. Batesville is a recognized leader in the North American death care industry. Hillenbrand is publicly traded on the NYSE under "HI".
About PrimeRevenue
PrimeRevenue's supply chain finance (reverse factoring) solutions help organizations in 70+ countries optimize their working capital to efficiently fund strategic initiatives, gain a competitive advantage and strengthen relationships throughout the supply chain. As the leading provider of working capital financial technology solutions, PrimeRevenue's diverse multi-funder platform processes more than $200 billion USD in payment transactions per year. The company is headquartered in Atlanta, with offices in London, Prague, Frankfurt, Hong Kong and Melbourne. Additional information about PrimeRevenue can be found at www.primerevenue.com | Twitter: @primerevenue | LinkedIn: www.linkedin.com/company/primerevenue.
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SOURCE PrimeRevenue, Inc.