PRO Unlimited Enters New Phase of Growth by Partnering with EQT
POSTED BY PRO UNLIMITED | JUNE 28TH, 2021
Today, we announced that we have partnered with EQT, a purpose-driven global investment firm. EQT is pleased to announce that the EQT IX fund (“EQT Private Equity”) has agreed to acquire PRO from Harvest Partners and Investcorp. Following the close of the transaction, EQT Private Equity will be the majority shareholder, with Harvest Partners continuing as a large shareholder and management retaining a minority stake. EQT’s investment demonstrates the strong belief in our Contingent Workforce Management Platform, which is truly redefining the industry and is a strategic game-changer for the Global 2000 and beyond.
More than ever, companies worldwide are moving away from the traditional tactical contingent workforce management to a comprehensive and strategic approach that encompasses multiple departments and executive team members. Another major development that is taking place across the industry is a desire to shift away from fragmented and unintegrated solutions. Companies are finding that contingent labor needs to be treated much more holistically because it is no longer merely staff augmentation.
As such, we continue to innovate and disrupt the space with our Contingent Workforce Management Platform. The platform manages the significant complexities of running an effective contingent workforce program on behalf of our enterprise clients. Further, we’re able to differentiate ourselves with a significant focus on high-skill labor, purely vendor-neutral approach, and a unique platform of solutions including SaaS, DaaS, Professional Services coupled with the industry’s largest data repository. Our full suite of offerings will be supported by organic and non-organic growth via our partnership with EQT.
Kevin Akeroyd, CEO of PRO Unlimited, had the following to say about the new partnership:
“We are proud of what PRO Unlimited has achieved in recent years in collaboration with Harvest Partners and Investcorp. The contingent labor industry is experiencing strong growth, fueled by workers’ desire for increased autonomy and flexibility. We are delighted to provide the solutions that enable enterprises and the contingent workforce to meet their needs. We look forward to partnering with EQT Partners and leveraging their industry expertise, digital capabilities, and network of advisors as we continue to enhance and optimize our contingent workforce management platform to directly benefit our clients.”
EQT will leverage its extensive experience partnering with technology-enabled services businesses, in-house digital expertise, and extensive network of global EQT advisors to support PRO in our next phase of development as we continue to invest in technology and innovation to expand our integrated platform capabilities.
And here is what Kasper Knokgaard, Partner within EQT Private Equity’s Advisory Team, said about partnering with PRO:
“EQT is excited to invest in PRO Unlimited and partner with CEO Kevin Akeroyd, the full PRO Unlimited team and Harvest Partners as the company embarks on the next phase of continued growth. PRO Unlimited has been at the forefront of developing a fulsome suite of integrated solutions for companies to manage their contingent workforce through a combination of services, software, and data. We look forward to supporting continued expansion of the platform to enable more flexible work solutions for the evolving contingent industry.”
The transaction is subject to customary conditions and approvals. It is expected to close in the second half of 2021. EQT Private Equity was advised by Bank of America Securities, Sidley Austin LLP, McKinsey & Company and Alvarez & Marsal.
If you’re interested in learning more about how PRO is helping organizations implement winning contingent workforce programs globally, please contact a PRO representative at 800.291.1099 or email at email@example.com.
Disclaimer: The content in this blog post is for informational purposes only and cannot be construed as specific legal advice or as a substitute for legal advice. The blog post reflects the opinion of PRO Unlimited and is not to be construed as legal solutions and positions. Contact an attorney for specific advice and guidance for specific issues or questions.