One of the leading providers of cloud-enabled supply chain finance solutions, Prime Revenue, with more than 20,000 customers in 70 countries and over $100 billion worth of transactions processed on its platform, has lost one of its staff members to an emerging blockchain startup – Fluent Network (Fluent) – as the prospects of distributed ledger technology is already causing job changes.
Former Broncos player for the U.S. National Football League (NFL), Terry Pierce, who subsequently made a career in finance after years of highly competitive professional sports, recently departed PrimeRevenue to join Fluent in June as VP of Customer Development and became the startup’s 12th employee, according to an official company announcement.
No stranger to stellar performance
Mr. Pierce had spent the last two years at Atlanta-headquartered PrimeRevenue where he signed eight master service agreements with a total of $70 billion of annualized supplier spending, making him one of the leading reps as a strategic account executive.
Having been picked up by the NFL in a second round draft, playing for the Broncos for three years, and then moving on to compete in finance, Mr. Pierce is no stranger to stellar performance. For example, he closed the first five market participations for over $25 million after becoming the 9th employee for C2FO – a startup that runs a dynamic discounting platform where he was chief relationship manager dealing with supplier clients with over $1 billion in revenues, after leaving a position with UBS earlier in his career.
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“I joined Fluent because of their practical approach to implementing blockchain technology, using it to solve real issues within trade finance.” Mr. Pierce added: “The writing’s on the wall; It’s not just a different way to do the same thing. This is a fundamental change, allowing us to solve problems in trade finance previous vendors simply couldn’t.”
Blockchain for supply finance
In related supply chain finance developments, PrimeRevenue recently shared exclusively with Finance Magnates that as of June 30th 2016 it reached $9.6 billion in transactions on its platform which was an all-time record, as explained by a company spokesperson.
“Adding someone with such an in-depth understanding of the industry, top-tier sales experience, and a well-established network is a huge boost for Fluent,” said Lamar Wilson, CEO of Fluent, commenting in a statement.
Mr. Lamar added: “It also doesn’t hurt that he has intimate knowledge of the incumbent’s offerings and how our solution can deliver value using a new technological solution.”
Finance Magnates had recently covered about the Distributed Trade 2016 conference that Fluent co-hosted last month, as supply chain finance is one area where blockchain technology is being applied to disrupt areas of finance with new solutions and product innovations.