Manama – Decypha: Investcorp announced the signing of an agreement to sell Florida-based software firm PRO Unlimited to Harvest Partners for approximately $300 million.
Under the supervision of Investcorp, PRO Unlimited’s net revenue has grown by 40%, while the EBITDA has doubled, a statement from the Bahraini company said.
Investcorp will maintain a minority stake along with Harvest Partners, through re-investing in the software services firm.
Operating in 52 countries in procurement and management of software services, PRO Unlimited was said to have grown rapidly since its establishment in 1991 and even after Investcorp’s acquisition in October 2014, which came to expand the Bahraini’s firm activities in services solutions.
After obtaining necessary approvals, the new deal is expected to be sealed in May 2017.
“We continue to have conviction in the long-term market trends and look forward to building upon our relationship with PRO Unlimited and partnering with Harvest to capture additional opportunities,” said Maud Brown, Managing Director of Corporate Investment in North America.
PRO Unlimited has expressed their excitement to work with Harvest Partners, “we are also pleased that they [Investcrop] agreed to retain a stake as we enter this new phase of the business,” said Andrew Schultz, Founder and Chief Executive Officer of PRO Unlimited.
Founded in 1982, Investcorp is working in alternative and corporate investments, offices in New York, London, Bahrain, Abu Dhabi, Doha, Riyadh and Singapore.
By Decypha Editorial Team
