Bahrain, October 30, 2014 - Investcorp, a global provider and manager of alternative investment products, and Mumtalakat, today announced that they have acquired PRO Unlimited, a leading provider of software and services that enable large enterprises to more effectively manage their contingent workforce. Terms of the transaction were not disclosed.
Founded in 1991, 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. PRO operates in 52 countries and provides services to some of the world's largest and most prestigious companies 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."
Headquartered in Boca Raton, FL, PRO Unlimited has approximately 600 employees and 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 organization's entire contingent labour procurement practice. PRO's solutions 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.
Mohammed Al Shroogi, President Gulf Business, Investcorp, said, "Over the past few decades, changing workforce dynamics have shifted the use of contingent workers from purely tactical to strategic in nature, particularly for high-end knowledge workers. PRO Unlimited is an industry pioneer that offers its clients a best-in-class Managed Services Program tightly coupled with its proprietary Vendor Management Software platform "WAND". PRO's integrated approach provides a higher level of insight and customer service to its blue-chip customer base, which includes several of the Global 1000 companies. We look forward to partnering with Andrew Schultz and the entire PRO Unlimited management team as they continue to grow their client base, increase the breadth and depth of their services and expand their 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.
About Pro Unlimited:
PRO Unlimited delivers a full range of services to address procurement, management and compliance issues related to contingent (non-employee) workers (i.e., independent contractors, consultants, temps and freelancers). PRO pioneered the concept of contingent workforce management in the early 90's and now works with some of America's largest and most prestigious companies. As part of its total solution, the company offers services such as e-procurement of contingent labour, 1099 consulting and audit support, as well as third-party payroll. PRO hosts its own VMS application, WAND (Workforce Alliance Network Direct) currently utilized in the U.S. and abroad. PRO Unlimited's holdings include RightSourcing, the leading provider of vendor neutral contingent workforce management solutions to the healthcare industry. For additional information, please visit our website www.prounlimited.com or call toll-free at (800) 291-1099.
Investcorp is a leading provider and manager of alternative investment products and is publicly traded on the Bahrain Bourse (INVCORP). The Investcorp Group has offices in the Kingdom of Bahrain, New York, London, the Kingdom of Saudi Arabia and Abu Dhabi. Investcorp has three business areas: corporate investment in the US, Europe and the Gulf, real estate investment in the US and global hedge funds. As at June 30, 2014, Investcorp had $11.4 billion in total assets under management. Further information, including our most recent periodic financial statements, which details our assets under management, is available at www.investcorp.com.
Mumtalakat is an independent holding company mandated to grow the wealth of Bahrain based on sound financial and strong governance principles. Mumtalakat holds stakes in 38 commercial enterprises, with a portfolio value of approximately U.S. $7.2 billion as of December 31, 2013. Its portfolio spans a variety of sectors, including industrial manufacturing, financial services, telecommunications, real estate, tourism, transportation, ICT, TMT and education. Mumtalakat holds stakes in McLaren Group Limited and McLaren Automotive; the ship and rig repair company ASRY; the workforce management services and software company PRO Unlimited; and the international education company GEMS, among other blue-chip companies based in the Middle East and around the world.
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© Press Release 2014