Bahrain’s Investcorp, Mumtalakat Buy U.S. Workforce Services Firm PRO Unlimited

Bahrain-based alternative investment fund Investcorp said on Thursday it and sovereign fund Mumtalakat had acquired United States-based software and services firm PRO Unlimited.

PRO is a Florida-based workforce management solution provider, operating in 52 countries with the aim of helping companies with contingent workers such as independent contractors, consultants and freelancers, the statement said.

Investcorp did not reveal the deal value in the statement, which quoted Andrew Schultz, co-founder and chief executive of PRO Unlimited, as saying the investment would allow it to expand its business.

The firm’s president of Gulf business, Mohammed al-Shroogi, had told Reuters in an interview last week that Investcorp was hoping to complete three transactions, with one each in the U.S., Europe and Turkey.

Mumtalakat, fully owned by the Bahraini state but run on a commercial basis, holds stakes in 38 commercial enterprises, with a portfolio value of approximately $7.2 billion as of 2013-end.

The fund in June ended a five-year losing streak and said it will remain profitable from now on.

Investcorp reported a 25 per cent gain in annual profit in August, as private equity activity revived in the Middle East.