Contingent workforce management firm PRO Unlimited this week announced an upcoming acquisition of its competitor, Workforce Logiq. This is a notably large deal in a mature industry, and will boost PRO Unlimited's position in the global market.
Explaining the objectives of the acquisition, Kevin Akeroyd, CEO at PRO Unlimited said that both companies have the same strategic approaches and a similar platform to cater to the needs of contingent workforce management. The acquisition will add a number of technological options to PRO Unlimited's portfolio, including what the announcement describes as "16 patented and patent-pending solutions, dedicated data science and development teams, and an award-winning technology platform."
Akeroyd stated, "The result is a more optimal experience for clients looking to modernize mission-critical non-employee workforce programs, which have now become a top four spend category in most corporations".
More importantly, Workforce Logiq's presence in the EMEA region, particularly the Nordic countries, will help PRO Unlimited expand its international reach.
Workforce Logiq is owned by investment funds managed by the Carlyle Group, and the acquisition takes place via an agreement with investment firm EQT Private Equity, subject to regulatory approval. If all goes well, the deal wil be completed by the 3rd quarter of 2021.
Jim Burke, CEO of Workforce Logiq, thanked the Carlyle Group for its management in previous years and said that he had high aspirations for the coming acquisition.