Tampa, Fla. – (October 17, 2003) – Lovett Miller & Co. is pleased to announce that its portfolio company, 360Commerce, a leader in Java-based software solutions for multi-channel retailers, has received $12 million in venture funding in an oversubscribed financing. The investors in the round were Hill Partners, Jefferson Capital Partners, Lovett Miller, Sierra Ventures, and SSM Ventures. 360Commerce, which has grown from an $8 million dollar company in 2002 to an anticipated $17 million in 2003, will use the capital infusion to expand the product footprint and geographic market reach of their store and enterprise solutions designed to provide retailers with competitive advantage through a combination of industry best practices and adaptive technology.
The timing of this expansion is crucial because all key industry analysts have reported pent-up demand for store systems. A recent technology survey conducted by RIS News and Gartner revealed that by the end of 2003, 55% of the respondents will have begun the replacement process for their software to bring next-generation technology to bear on the most important link in the retail process; where the customer and the store meet. And according to the AMR Research Report, New Options for POS Upgrades, November 2001, "70% of the retailers they spoke with cited flexibility as the single largest determining factor in POS selection." The report recommended "the best way to unlock POS is through Java-based, component-based software."
“With the right technology and a high-profile customer base that includes 4 of the top 25 U.S. retailers and 2 of the top 10 global retailers, 360Commerce is uniquely positioned to significantly increase market share,” said Charles Boyd, president and CEO of 360Commerce.
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.
About 360Commerce
360Commerce (http://www.360commerce.com) provides J2EE solutions, from the point-of-service to the back office and across the enterprise, that capture and leverage operational intelligence in real time to help maximize store profitability. Leading multi-channel retailers on 360Commerce’s customer list include Apple, Burlington Coat Factory, Circuit City, Cole National, The Home Depot, Gap Inc., KB Toys, and Kinko’s. 360Commerce products include 360Store Point-of-Sale, Unleashed™ POS, Back Office, Inventory Management, and 360Enterprise™ Central Office. The vendor with more Java store systems customers than any other in the retail market, 360Commerce enables retailers to minimize risk and cost of ownership with extremely flexible, open solutions that can be quickly integrated and customized and that maximize both existing and future investments.