Published July 22, 2003
Volume 11, Number 7

Business Bits 
  • Automatic Data Processing (ADP) completed the acquisition of Hacienda’s ProBusiness Services on June 20, after the Antitrust Division of the Department of Justice closed its investigation of the proposed purchase and granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act on June 19, 2003. The price was approximately $500 million in cash. ADP, with $7 billion in revenues and over 500,000 clients, is one of the largest independent computing services firms in the world.
  • The strength of the housing sector continued to be reflected in success for Hacienda businesses this month. Standard Pacific, one of the nation’s largest homebuilders, recorded a 40 percent increase in orders in the second quarter. The company received 2,583 orders for homes, their highest quarterly total ever, up from 1,849 in the second quarter of 2002. Of the new orders, 924 were made for the company’s California developments. Countrywide Financial noted wide success also, with June’s monthly average daily applications reaching an all-time high of $3.2 billion, up 203 percent from last year, and a record high in loan fundings for the month of $48 billion, a 23 percent increase over May. Total loans for the second quarter also reached a new high at $130 billion, up 209 percent from the second quarter of 2002.
  • Pronto Networks, a leading provider of technology for large wireless computer “hot spot” networks, was included on the first-annual AlwaysOn Top 100 Private Companies list. AlwaysOn, the media company that covers innovation in technology and business, compiled the list with assistance from KPMG’s emerging business practice, KPMG 1Start. The two groups surveyed more than 1,000 venture investors, investment bankers, top entrepreneurs and executives, who nominated more than 700 companies for the competition.
  • Polycom’s video conferencing systems and system bridges were used by world leaders at the African Union Summit’s Special Session on Africa’s biggest health problems. The summit, which focused on the fights against HIV/AIDS, malaria, and tuberculosis, took place on July 10 in Maputo, Mozambique.
  • Trapeze Networks, a privately held Hacienda company which produces wireless data networking products, has raised $34 million in Series B venture capital funding. Participants include Oak Investment Partners of Palo Alto, Duff Ackerman & Goodrich, Castile Ventures, Trautman Wasserman & Co. and C.E. Unterberg Towbin. 

Also in this issue ...