Tampa, Fla. – (August 2006) –
Lovett Miller & Co. announced today that Automatic Data Processing, Inc. (NYSE: ADP) has agreed to acquire its portfolio company Employease Inc.
, the leading provider of on-demand HR and benefits administration solutions. The amount and terms of the transaction have not been disclosed.
“We are extremely pleased with operating performance generated by the management team of Employease, which has positioned itself as one of the fastest growing and highly profitable Software-as-a-Service (“SaaS”) providers” commented W. Scott Miller, Co-Founder and Managing Partner of Lovett Miller & Co. This performance has resulted in a sale to ADP at a premium valuation.
About Lovett Miller & Co.
Lovett Miller & Co., co-headquartered in Jacksonville and Tampa, Florida, provides growth capital and shareholder liquidity for rapidly growing, privately held companies throughout the United States with a particular emphasis on technology-enhanced service companies and healthcare firms. The Firm invests in a range of financings including (1) growth capital, (2) minority shareholder liquidity transactions, and (3) growth buyouts. Lovett Miller & Co. typically invests $5 to $15 million in equity per company, although it is willing to consider both smaller and larger equity investments. For more information, visit www.lovettmiller.com
Employease(R), Inc. (http://www.employease.com
) is the leading on-demand HR and benefit administration
solution. More than 1,000 organizations use Employease to reduce administrative costs, improve employee
service and increase HR value without the costs, risks, and limitations of traditional HR or benefits software. The company is working to inspire Human Resource managers to play a broader, more important
role in the success of their organizations. The company also helps Human Resource managers inspire
their own human resources - the employees and managers who make their company successful.
Automatic Data Processing, Inc. (http://www.adp.com
) provides computerized transaction processing, data communication, and information services worldwide. With $8.0 billion in revenues and more than 600,000 clients worldwide, ADP is one of the largest providers of a broad range of premier, mission-critical, cost-effective transaction processing and information-based business solutions. The company is headquartered in Roseland, New Jersey.