Investcorp and Mumtalakat buy workforce management solutions provider
PRO Unlimited acquired by Investcorp and Mumtalakat
Alternative investment provider Investcorp, and Mumtalakat, Bahrain's government investment vehicle, have acquired PRO Unlimited, a provider of software and services that enable large enterprises to more effectively manage their contingent workforce.
Terms of the deal were not disclosed.
Founded in 1991, Florida-based PRO Unlimited delivers a full range of services to address procurement, management and compliance issues related to contingent workers, including independent contractors, consultants, temps and freelancers.
The company provides an integrated, purely vendor-neutral platform to manage its customers' contingent workforce spend. Through its proprietary cloud-base software (WAND), and its Managed Service Program, PRO provides end-to-end management services for an organisation's entire contingent labour procurement practice. PRO's solutions are intended to help clients reduce costs, mitigate risks and address numerous other critical issues. The company also provides similar services to the healthcare arena through its industry leading Right Sourcing subsidiary.
Commenting on the acquisition, Andrew Schultz, PRO Unlimited's co-founder and CEO said: "We are pleased to have reached this agreement, which will allow us to expand our best-in-class software and services solutions. Our new partner's strategic and financial support will deliver substantial benefits to our customers, employees and all of our stakeholders. We look forward to continuing to provide customers with superior technical solutions and unparalleled service levels while working with our investors to expand internationally, creating greater opportunities for our employees and our business."
Mohamed Sammakia, managing director at Investcorp for the United Arab Emirates, added "PRO Unlimited is exactly the kind of company we like to invest in. The world of work is changing with corporates looking to hire people on a more flexible basis to maximize efficiencies and reduce costs with more and more people choosing to work flexibly. PRO Unlimited is playing a central role in this dramatic change and has grown accordingly and now operates in over 50 countries worldwide while managing more than $4 billion in client spend. We look forward to partnering with Andrew Schultz and the entire PRO Unlimited management team as they seek to continue to grow their business and international presence."
"We are excited to partner with Investcorp and to support the PRO team's ambitious growth plan," said Mahmood Hashim Al Kooheji, CEO at Mumtalakat. "Our investment in PRO Unlimited is part of our ongoing strategy to partner with entities such as Investcorp and to invest in ambitious businesses such as PRO Unlimited that have clear vision to realise their long term full growth potential.
"We believe PRO Unlimited provides a truly differentiated offering through its integrated, vendor-neutral software and services platform. The general market trends also continue to drive the increased usage of contingent labor and the need and further adoption of advanced software and services to manage these processes. We are confident that the combination of these positive company and market indicators and our approach to focusing on sound financial performance and strong governance practices will accelerate PRO Unlimited's profitable growth, leading to increased shareholder value on the short run as well as the long run," Al Kooheji concluded.