The Receivables Exchange
Company: The Receivables Exchange, New Orleans, LA
Entry Submitted By: RLM Public Relations
Company Description: The Receivables Exchange, the online marketplace for working capital, brings affordable capital to businesses. The Exchange’s auction platform lets companies sell their invoices to buyers who compete in real time to purchase them. Businesses get a lower cost of capital, and funds in as few as 48 hours. They set all auction terms and maintain control of the process.
Nomination Category: Management Awards Categories
Nomination Sub Category: Management Team of the Year
Nomination Title: The Receivables Exchange Management Team
Tell the story about what this nominated management team achieved since January 1 2010 (up to 500 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:
The Receivables Exchange saw 466% growth in 2010. This nearly five-fold growth
indicates that businesses are embracing the Exchange’s online marketplace as a
method of managing cash flow and are taking advantage of this unique
opportunity. Quite an accomplishment for a market built from scratch. There
was no blueprint for making the Exchange work. The closest model, the New York
Stock Exchange, had nearly 200 years to get everything right. Even building a
team was difficult, since Justin Brownhill and Nic Perkin, Co-Founders, needed
to find specific talent for a business model that didn’t exist.
Building the company was like walking through a dark, windowless room; they had
no reference points, and could not see the walls. There were moments when it
seemed that the Exchange would not come to fruition, but Justin and Nic never
lost hope.
Because the Exchange was pioneering a working capital solution for small and
medium-sized businesses, the old guard saw them as a threat. The International
Factoring Association blackballed The Receivables Exchange from working with
many of its members, whom the Exchange had counted on to be among their
clients. Needing the half of the equation that would buy receivables, Justin
and Nic found an entirely new and unconventional set of institutional buyers.
Because these buyers had never purchased receivables before, the Exchange
needed to take the extra step of educating them on the value of receivables and
how it would benefit them.
Since the early days of struggle, the Exchange has grown its business to now
have the best of Wall Street investors. Fortune 100 companies were so impressed
with The Receivables Exchange that they the requested that the Exchange set up
the Commercial Receivables Paper (CRP) Market for their receivables. Although
these cash-rich companies have access to other means of liquidity, they came to
the Exchange as they recognize the value in an online receivables marketplace
with a diverse pool of investors. Participation by these corporations is
validation that the Exchange is changing the landscape of business financing
and has quickly become a mainstream cash management tool for companies of all
sizes.
In addition to the 466% increase in trading volume and the launching of the CRP
Market, other markers of success include, the Exchange being named a finalist
in two American Business Awards(SM) categories, receiving a 2010 Wall Street
Journal Technology Innovation Award, being listed among Institutional
Investor’s “Financial Technology Sector’s Top 40 Stars.” Additionally, Co-
Founder Justin Brownhill was listed number 12 of 100 in the Silicon Alley
Insider “Coolest People in Tech” and was named an Ernst & Young Entrepreneur of
the Year® Finalist.
The Exchange, which works in over 48 states and in 47 different industries, is
a sought after business partner. It was selected by Balboa Capital Corporation,
the U.S. leader in equipment financing, to deliver working capital solutions to
Balboa’s small and midsize business customers. Biz2Credit, an online loan-
matching portal, partnered with the Exchange to Biz2Credit’s community of over
30,000 small and midsize businesses.
List hyperlinks to any online news stories, press releases, or other documents that support the claims made in the section above. IMPORTANT: Begin each link with http://, and enclose each link in square brackets; for example, [http://www.youraddress.com]:
Articles:
http://www.institutionalinvestor.com/research/Articles/2632323/Justin-Brownhill-and-Nicolas-Perkin.html
http://www.smartmoney.com/personal-finance/employment/how-small-businesses-can-beat-deadbeats-1299258760321/
http://www.businessweek.com/smallbiz/content/feb2011/sb20110222_359563_page_2.htm
http://online.wsj.com/article/SB10001424052748703904304575497473735761294.html
http://www.entrepreneur.com/article/217904
http://www.receivablesxchange.com/news/press_releases/2010/Balboa-Capital-TRE-06-14-10.html
News Releases:
http://www.receivablesxchange.com/news/press_releases/2010/american-Business-Awards-Finalist-2010.html
http://www.receivablesxchange.com/news/press_releases/2010/Balboa-Capital-TRE-06-14-10.html
http://www.receivablesxchange.com/news/press_releases/2011/EOY-2010-milestone-release.html
http://www.receivablesxchange.com/news/press_releases/2011/Receivables-Exchange-CEO-Named-Slicon-Alley-100.html
http://www.receivablesxchange.com/news/press_releases/2011/Receivables-Exchange-Biz2Credit-Partnership.html
http://www.receivablesxchange.com/news/press_releases/2010/Corporate-Receivables-Trading.html
Provide brief (up to 200 words total) biographies of the key members of the management team:
Justin Brownhill’s entrepreneurial spirit was instilled at a young age at his
father’s knee. On Wall Street, Justin was one of the youngest, most successful
bankers at Salomon Brothers, UBS and Credit Suisse where he worked on over $100
billion in M&A transactions and some of the industry’s largest underwritings.
Brownhill earned a Bachelor of Commerce with distinction from the Faculty of
Management at the University of Calgary, Canada. In 1994 he co-founded Minds
Matter, a NYC-based volunteer organization which helps disadvantaged inner-city
high school students prepare and get selected for higher education
opportunities.
At age 15, Nic Perkin cleared $500 per week walking dogs. He brought stocks
with the money to help to pay for college. He holds a Master of Science in
Finance from the London Business School and a Bachelor of Arts from Tulane
University. As Vice President of Global Business Development at Massive, Inc.,
a provider of software and services to host advertisements within video games,
he spearheaded the North American strategic initiatives. In 2010, Nic was
nominated to serve as the Vice Chairman of the Louisiana Innovation Council.
The Louisiana State Legislature ratified it by a unanimous vote and approved by
Governor Bobby Jindal.