Investcorp and Mumtalakat acquire PRO Unlimited

30/10/2014 12:10 AST

nvestcorp and Mumtalakat today announced that they have acquired PRO Unlimited, a provider of software and services that enable large enterprises to more effectively manage their contingentworkforce. Terms of the transaction were not disclosed.

Founded in 1991, PRO Unlimited delivers a range of services to address procurement, management and compliance issues related to contingent workers, including independent contractors, consultants, temps and freelancers. PRO operates in 52 countries and provides services through its integrated, vendor-neutral software and services platform.

Commenting on the acquisition, Andrew Schultz, PRO Unlimited’s co-founder and Chief Executive Officer 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, said, “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, Chief Executive Officer 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.

CPI Financial