Founded in 1991 and headquartered in San Francisco, California, Magnit (formerly PRO Unlimited) provides contingent workforce management (“CWM”) solutions via its integrated tech-enabled managed services and proprietary vendor management software system.
- CountryUnited States
- Responsible AdvisorKasper Grundtvig Knokgaard
- FundEQT IX
Magnit delivers a strong value proposition throughout the entire CWM lifecycle, offering software and services including labor sourcing, payrolling, compliance, analytics, and program management. Magnit serves a wide array of Fortune 1,000 companies and specializes in high-skilled contingent labor, focusing on end markets such as technology, financial & business services, and healthcare & life sciences. Magnit offers a “vendor-neutral” approach to CWM, sourcing talent from a broad range of third-party staffing agencies and direct channels to provide the highest quality solutions for customers.
In October 2021 and May 2022 respectively, Magnit acquired Workforce Logiq and GRI, two vendor-neutral MSP / VMS providers. The additions of Workforce Logiq and GRI have helped accelerate value creation at Magnit by building scale and delivering a strong European footprint in attractive end markets and high-skilled roles.
Market Trends and Drivers
The global contingent workforce market is growing quickly, driven by the rise of the gig economy, a growing preference for freelance work, shortage of high-skill labor, increasing HCM compliance requirements, and increasing pressure on enterprises to drive cost reduction and efficiency. High-skill end markets like technology and healthcare, where Magnit focuses, are the highest growth areas of the contingent workforce market. Magnit is ideally positioned to benefit from increased contingent labor spend across its end markets.
EQT will support Magnit in its next phase of development, as the business aims to expand into new end markets and geographies while growing its technology offering with existing customers, to become the premier global integrated platform for CWM. EQT will leverage its expertise in Europe and digital transformations to help accelerate Magnit’s development into a truly global technology solution for its customers.
Board of directors
- ChairpersonMason Slaine
- Board memberTeresa Carroll
- Board memberStacey Walker
- Board memberDr. Christy Dempsey
- Board memberIra Kleinman
- Board memberAndy Schoenthal
- Board memberKasper Grundtvig Knokgaard
- Board memberEfrain Rivera
- CEOTeresa Carroll
- CFODoug Barnett