Published January 15, 2002
Volume 10, Number 1

Business Bits


  • ProBusiness Services has entered into a new agreement whereby it will receive a $30 million line of credit with Comerica Bank. The company also had a first closing of a private placement of common stock, raising $36 million, and commitments to purchase an additional $20 million subject to NASDAQ approval.    

    "The company remains well positioned to execute its business and financial strategy," says Steven Klei, ProBusiness executive vice president and CFO. "This increase in our line of credit, combined with the proceeds from the private placement and existing cash balances, further strengthens our balance sheet, enhances our competitive position, and provides the company with liquidity in excess of $100 million." The funds will be used to support the continued execution of ProBusiness' growth and profitability strategy in the outsourced employee administrative services industry.
  • PeopleSoft has reached an agreement with Calico Commerce, a software developer specializing in interactive selling software for organizations selling complex products or services, to acquire the intellectual property and certain assets of Calico Commerce for approximately $5 million in cash. The proposed acquisition by PeopleSoft is subject to Bankruptcy Court approval. 
  • Ellie Mae, the country's largest provider of Internet and software solutions for mortgage originators, has formed an alliance with Bank of America. Under the terms of the agreement, the Bank of America wholesale lending division will interface with Ellie Mae's ePASS Business Center. This new connection will give users of Calyx, Contour and Genesis loan processing software, who represent 90 percent of all mortgage originators in the United States, access to Bank of America loan registration, loan status, custom pipeline reporting, and locking capabilities.
  • According to a survey conducted by The Affiliates, the specialized legal staffing division of Robert Half International, 56 percent of attorneys said they always or frequently bring work with them on vacation while another 25 percent said that they occasionally do so. Only 18 percent reported that vacations were a sanctuary from work. 
  • The Annual Ruby Hill Giving Thanks Charity Ball, sponsored in part by the Tri-Valley Herald, raised $344,500 for a variety of local charities. Recipients included the Valley Care Health System Pediatric Unit, Tri-Valley Haven, Valley Community Health Center Senior Support Program, Horizon High School, Open Heart Kitchen, and the Assistance League of Amador Valley's "Operation School Bell." 


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