Magnit (formerly PRO Unlimited) Enters New Phase of Growth by Partnering With EQT

EQT will fuel Magnit’s (formerly PRO Unlimited) continued growth and ongoing innovation of the contingent workforce industry’s leading Saas, DaaS, Professional Services and Data solutions to the Global 2000 and beyond.

SAN FRANCISCO--(BUSINESS WIRE)--Magnit (formerly PRO Unlimited), the modern workforce management solutions provider, today announced it has partnered with EQT Partners, a purpose-driven global investment firm, that currently manages EUR 67 billion in assets. EQT is pleased to announce that the EQT IX fund (“EQT Private Equity”) has agreed to acquire Magnit (formerly PRO Unlimited) 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 Private Equity’s investment demonstrates the strong belief that Magnit’s Contingent Workforce Management Platform is 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, Magnit (formerly PRO Unlimited) continues to innovate and disrupt the space with its Contingent Workforce Management Platform. The platform manages the significant complexities of running an effective contingent workforce program on behalf of its enterprise clients. PRO differentiates itself with a significant focus on high-skill labor, purely vendor-neutral approach, and unique platform of solutions including SaaS, DaaS, Professional Services, and the industry’s largest data repository. The company’s full suite of offerings will be supported by organic and non-organic growth via its partnership with EQT.

“We are proud of what Magnit (formerly 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,” said Kevin Akeroyd, CEO of Magnit (formerly PRO Unlimited). “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 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 its next phase of development as the company continues to invest in technology and innovation to expand its integrated platform capabilities.

Kasper Knokgaard, Partner within EQT Private Equity’s Advisory Team, said, “EQT is excited to invest in PRO Unlimited and partner with CEO, Kevin Akeroyd, the full Magnit (formerly PRO Unlimited) team and Harvest Partners as the company embarks on the next phase of continued growth. Magnit (formerly 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.

About EQT
EQT is a purpose-driven global investment organization with more than EUR 67 billion in assets under management across 26 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

About Magnit (formerly PRO Unlimited)
Servicing hundreds of the world’s most recognizable brands, Magnit (formerly PRO Unlimited) offers modern workforce management and a partner ecosystem supported by data, software, intelligence, and services to meet your flexible workforce needs. Magnit’s Modern Workforce Management Platform can adapt quickly to regional or industry economic shifts, and provides the speed, scale, flexibility, transparency, and expertise to serve as the holistic platform for the modern workforce. Headquartered in San Francisco, Magnit (formerly PRO Unlimited) has helped global brands and organizations achieve operational and financial success for more than 30 years. For more information, visit https://magnitglobal.com/ and follow the company on LinkedIn, Twitter and Facebook.

Contact
Christian Barbato
PRO Unlimited 
cbarbato@magnitglobal.com 
215-527-6616