PRO Unlimited to be sold to Harvest Partners
Mumtalakat and Investcorp signed an agreement to sell the provider of software and services for workforce management.
Mumtalakat, the sovereign wealth fund of the Kingdom of Bahrain, recently inked an agreement to sell PRO Unlimited to Harvest Partners.
Purchased back in October 2014, PRO Unlimited is a provider of software and services designed to assist large enterprises in managing their contingent workforce.
Since its acquisition by Mumtalakat and Investcorp, the company's net revenues have increased by over 40% and its earnings before interest, tax, depreciation and amortization have almost doubled.
Commenting on the agreement, Mumtalakat CEO, Mahmood Hashim Alkooheji, said: "We acquired PRO Unlimited based on our assessment of its growth potential in an important and developing sector. Our support was both strategic and financial and I'm extremely pleased that we helped the company expand its services as reflected in the impressive returns."
He added: "Our partnership underscores our investment strategy as Mumtalakat seeks to add value, and not only capital to its ventures ... our team worked with both Investcorp and PRO Unlimited to help the business expand its reach and we look forward to continuing this relationship with Harvest Partners."
Incepted back in 1991, PRO Unlimited's services tackle a number of business functions common to large-scale enterprises. These comprise of procurement, management and compliance issues related to contingent workers, including independent contractors, consultants, and freelancers.
Active across 37 countries, the company is active across a multitude of sectors and works closely with a number of high profile companies, which include Apple, Facebook, Samsung, Nike and Gap.