Tampa, Fla. – (January 20, 2006) – 360Commerce, a Lovett Miller & Co. portfolio company that provides point of sale, inventory, returns, and workforce management solutions for multi-channel retailers, has been acquired by Oracle Corporation (NASDAQ: ORCL). Terms of the all cash purchase were not disclosed. 360Commerce had grown its revenues more than five-fold over the past several years. Oracle plans to fold 360Commerce into its global retail business unit. Oracle and 360Commerce already independently provide software and related services to retailers such as The Home Depot, Inc., Circuit City Stores, Inc. and Gap, Inc.
“We are very pleased with the outstanding operating results achieved by Charlie Boyd and his management team as well as the combination with Oracle,” commented W. Scott Miller, co-founder and managing partner of Lovett Miller & Co., who served on the board of directors of 360Commerce. 360Commerce’s sale represents the 16th successful exit from investments made in privately held emerging growth companies by the partners of Lovett Miller & Co.
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 point-of sale and workforce management software solutions to retailers. 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.
About Oracle Corporation
Oracle Corporation (http://www.oracle.com) is the world's largest enterprise software company which provides software and services that let organizations get the most up-to-date and accurate information from their business systems. The 2005 combination of Oracle and PeopleSoft marks a major turning point in the evolution of the software industry. The combined companies are now positioned to deliver a more competitive offering in the enterprise applications market and increase innovation with a larger applications R&D budget. Today, Oracle is helping more governments and businesses around the world become information-driven than any