ProBusiness Services, Inc. Commences Initial Public Offering of Common Stock

Business Wire, Sept 19, 1997

PLEASANTON, Calif.--(BUSINESS WIRE)--Sept. 19, 1997--ProBusiness Services, Inc. ("ProBusiness" or the "Company", NASDAQ NMS symbol: PRBZ) announced today that it has made an initial public offering of 2,500,000 shares of its Common Stock.

All of the shares are being offered by the Company. The initial public offering price is $11 per share. The offering is being managed by Robertson, Stephens & Company LLC and William Blair & Company L.L.C.

ProBusiness is a leading provider of employee administrative services for large employers, typically with over 250 employees. The Company's primary service offerings are payroll processing, payroll tax filing, human resources software and benefits administration, including the enrollment and processing of flexible benefit plans and COBRA programs.

The Company's proprietary PC-based payroll system offers the cost-effective benefits of outsourcing and high levels of client service, while providing the flexibility, control, customization and integration of an in-house system.

A registration statement relating to these securities was filed and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

Copies of the prospectus relating to the offering may be obtained from Robertson, Stephens & Company LLC, 555 California Street, Suite 2600, San Francisco, CA 94104, phone 415/781-9700; or from William Blair & Company, L.L.C., 222 West Adams Street, Chicago, IL 60606, phone 312/236-1600.

The information contained herein is not a complete analysis of every material fact respecting any company, industry or security.

Although opinions and estimates expressed herein reflect the current judgment of the Firm, the information upon which such opinions and estimates are based is not necessarily updated on a regular basis; when they are, the date of the change in estimate will be noted. In addition, opinions and estimates are subject to change without notice.

This news release contains forward-looking statements, which involve risks and uncertainties. The Company's actual results may differ significantly from the results described in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed in the "Investment Risks."

Robertson, Stephens & Company LLC from time to time performs corporate finance services for some companies described herein and may occasionally possess material, nonpublic information regarding such companies. This information is not used in the preparation of the opinions and estimates herein.

Facts and other information discussed have been obtained from sources considered reliable but are not guaranteed. Robertson, Stephens & Company LLC, its managing directors, its affiliates and/or its employees may have an interest in the securities of the issue(s) described and may make purchases or sales while this press release is in circulation.

CONTACT: ProBusiness Services, Inc.

Steven E. Klei, 510/734-9990