October 21, 2008 – Platinum Funding Group continues its course as a powerhouse of the accounts receivable factoring by offering outstanding alternative cash flow funding solutions to burgeoning high-tech and IT industries. As activity in these sectors continues to grow, Platinum Funding Group is proud to announce its ongoing presence in the software market via a $13 million cross-Atlantic funding agreement with PrismTech Corporation (“PrismTech”).
Platinum provided a $9 million factoring facility for PrismTech’s US operations located in Burlington, Massachusetts, US and $4 million for the Gateshead, UK branch. The UK portion of the financing is provided though Platinum Funding UK Limited, Platinum Funding Group’s UK operation. This double-decker factoring financing deal shows Platinum’s versatility in providing financial solutions internationally.
PrismTech is a pioneer of advanced software integration solutions. The company was founded in 1992 and is a privately-held group with US operations based in Massachusetts, New Jersey and European operations in the UK, Germany, Netherlands and France. Their prestigious customer list includes government agencies, major systems integrators and original equipment manufacturers (OEMs), many of which are Fortune Global 500 companies. PrismTech’s headliners include such high-profile organizations as the US Navy, Lockheed Martin, Verizon, Samsung, Lufthansa, Bank of America and Xerox Corporation.
In a time when traditional financing is tightening its belt, companies are pining for alternative financing options that will help them build their brand, such as invoice factoring and accounts receivable funding. That is exactly what Platinum is doing for Prismtech. Platinum stepped in when Prismtech’s accounts receivable factoring relationship with Silicon Valley Bank was not meeting their financing needs. Phil Wright, President of PrismTech Corporation says, ‘Platinum Funding Group provided us with fast and flexible access to cash. Knowing we have a partner in growth is especially important in the current economic environment affecting both American and European credit markets and when firms in the IT space have more difficulty than usual in securing sufficient financing.’
‘We are glad to have supported PrismTech in the past and to have an opportunity to work with them as they grow their operations in both countries’, added Eyal Levy, founder and CEO of Platinum Funding Group. ‘With recent funding of Prismtech and IT Cats, we continue to build upon our expertise in providing financing for intellectual capital businesses, such as software and information technology firms.’
Platinum Funding Group, a leading factoring company, provides clients with accounts receivable funding, bridge funding, and accounts receivable management. Established in 1992, the company has been consistently assisting companies with annual sales revenue between $2 million and $150 million. Platinum possesses the financial resources to serve the needs of clients across more than 30 industries, issuing same day advances on accounts receivable to early-stage companies, fast growing firms, and companies in Chapter 11. Platinum Funding Group is headquartered in New York City and has regional offices throughout the U.S.
Platinum Funding UK Limited commenced operations out of its United Kingdom office in the spring of 2008. Through its UK affiliate, Platinum Funding Group has expanded its services to include purchases of international receivables, with a focus on the European market.
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To find out how Platinum Funding Group can help you grow your business, call 888.700.7528, visit our web presence at www.platinumfundinggroup.com or send us an e-mail at http://www.platinumfundinggroup.com/apply_now.php.
