Magnit (formerly PRO Unlimited) Strengths, Domain Expertise, and Key Differentiators
Magnit provides vendor-neutral solutions through its Managed Service Provider (MSP) and Vendor Management System (VMS), assisting organizations in managing the costs, risks, and quality concerns related to their contingent workforce. Magnit specializes in e-procurement and the management of contingent labor. Wand serves as a centralized platform for managing various aspects of the contingent workforce, such as temporary workers, independent contractors, statements of work-based engagements, and self-sourced contractors, all within a cloud-based environment. Wand ensures smooth integration with major ERP/HRMS and other third-party systems.
Magnit (formerly PRO Unlimited) Recent Developments
In September 2022, PRO Unlimited unveiled its new identity, adopting the name Magnit. This rebranding initiative is a significant step in demonstrating the company's dedication to leading the next era of work. Accompanying the name change is the tagline—The Evolution of WorkTM—emphasizing the company's overarching mission to empower individuals and organizations worldwide to excel in their professional endeavors.
Magnit (formerly PRO Unlimited) Mergers and Acquisitions (M&A) Activities
Magnit's acquisition of Geometric Results in March 2022 marked the integration of an independent outsourced workforce management expert previously owned by funds managed by Bain Capital Private Equity Europe. This strategic move enhances the value of PRO's Integrated Workforce Management (IWM) platform by incorporating Geometric Results' proven Managed Services Program (MSP) capabilities into its comprehensive portfolio, which already includes robust offerings in Software as a Service (SaaS), Talent Intelligence, and Professional Services solutions.
Magnit finalized the acquisition of Workforce Logiq from the private equity firm Carlisle in October 2021.
Magnit successfully acquired WillHire in September 2021, a company based in Austin, Texas, known for its direct-sourcing solutions and talent pool management.
In February 2021, Magnit announced the continued expansion of its global footprint in EMEA with the acquisition of Brainnet Group. Brainnet Group is a purely vendor-neutral Managed Services Provider (MSP) in the Netherlands, providing companies with significant cost savings, process optimization, and high-quality talent across their contingent workforce management programs.
Magnit completed the acquisition of PeopleTicker in January 2021. PeopleTicker, headquartered in Delray Beach, Florida, is recognized for offering data on pay rates, markups, and bill rates for contingent workers. The company's coverage extends to 17 industries across 160 countries.
Magnit (formerly PRO Unlimited) Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Magnit (formerly PRO Unlimited) applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Magnit (formerly PRO Unlimited) and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified Magnit VMS customers.
Magnit (formerly PRO Unlimited) Overview
2365 Iron Point Road, Ste 270
Folsom, CA, 95630, United States
1 800-291-1099
https://www.magnitglobal.com/
Ownership: - EQT Private Equity
Number of Employees: 4300
Functional Markets: HCM,
Key Verticals: Aerospace and Defense, Automotive, Banking and Financial Services, Communications, Construction, Real Estate, Consumer Packaged Goods, Distribution, K12, Higher Education, Federal Government, State and Local Government, Public Safety, Healthcare, Life Insurance, P&C Insurance, Specialty Insurance, Leisure and Recreation, Hospitality, Life Sciences, Manufacturing, Media, Oil and Gas, Chemicals, Professional Services, Retail, Transportation, Utilities,
Magnit (formerly PRO Unlimited) Key Enterprise and Cloud Applications
Magnit VMS
Magnit (formerly PRO Unlimited) Revenues, $M:
| Type/Year | 2022 | 2023 | YoY Growth, % |
|---|---|---|---|
| Total Revenues, $M | Subscribe | Subscribe | Subscribe |
| Enterprise Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
| Cloud Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Magnit (formerly PRO Unlimited) Revenue Breakdown By Type, $M:
Magnit (formerly PRO Unlimited) Enterprise Applications Revenues By Functional Markets, $M:
Magnit (formerly PRO Unlimited) Enterprise Applications Revenues By Verticals, $M:
Magnit (formerly PRO Unlimited) Revenues By Region, $M
| Region | % of Total Revenues | 2023 Total Revenues, $M | 2023 Enterprise Applications Revenues, $M | 2023 Cloud Applications Revenues, $M |
|---|---|---|---|---|
| Americas | Subscribe | Subscribe | Subscribe | Subscribe |
| EMEA | Subscribe | Subscribe | Subscribe | Subscribe |
| APAC | Subscribe | Subscribe | Subscribe | Subscribe |
| Total | Subscribe | Subscribe | Subscribe | Subscribe |
Magnit (formerly PRO Unlimited) Direct vs Indirect sales
| Region | Direct Sales | Indirect Sales | Total |
|---|---|---|---|
| Type % | Subscribe | Subscribe | Subscribe |
| Revenues, $M | Subscribe | Subscribe | Subscribe |
Magnit (formerly PRO Unlimited) Customers - Breakdown by Geo, Size, Vertical and Product
List of Verified Magnit (formerly PRO Unlimited) Customers
No. of Magnit (formerly PRO Unlimited) Customers: 600
No. of Magnit (formerly PRO Unlimited) Enterprise Applications Customers: x
No. of Magnit (formerly PRO Unlimited) Cloud Customers: x
No. of Magnit (formerly PRO Unlimited) Cloud Subscribers: x
Established in 1991, Magnit caters to over 600 companies of various sizes across 124 countries globally. Some of its notable customers include Care UK, Novartis, Ceridian, Large Life Sciences, ServiceNow, ConnectiveRX, CenterWell Home Health, Toyota, Durham County Council, and more.
Magnit (formerly PRO Unlimited) Market Opportunities, M&A and Geo Expansions
In May 2023, Magnit revealed Teresa Carroll as its new Chief Executive Officer. Carroll, an esteemed industry executive and independent board member at Magnit, brings a wealth of experience to the role. Having dedicated almost three decades to workforce management at Kelly Services, she held the position of President of Global Talent Solutions. Notably, during the COVID-19 crisis, Carroll served as the President of Oasis | a Paychex Company.
In March 2021, PRO Unlimited announced the launch of its DirectSource PRO platform, designed to assist organizations in sourcing top candidates from their private talent pools. Utilizing AI capabilities through an exclusive partnership with Eightfold AI, DirectSource PRO streamlines the entire sourcing process for employers. This includes efficiently identifying candidates based on predetermined criteria such as diversity and inclusion priorities, location requirements, and more, and subsequently facilitating communication with these identified candidates.
Magnit (formerly PRO Unlimited) Risks and Challenges
Magnit still has a considerable distance to cover on its journey to transform into a software-only company.
Magnit (formerly PRO Unlimited) Ecosystem, Partners, Resellers and SI
March 2023 witnessed the collaboration between Magnit and Tundra, a provider specializing in direct source curation, to develop the world's most scalable direct-sourcing solution. This strategic partnership empowers companies to enhance their ability to attract and nurture talent more efficiently by leveraging the strength of their brands through direct sourcing.
In February 2022, Magnit collaborated with Ceridian, a prominent global player in human capital management (HCM) technology. This partnership aims to enhance Magnit's Worker Experience solution by integrating Dayforce Wallet, Ceridian’s pay solution. Dayforce Wallet empowers employees, including the non-employee workforce, to access their earned net pay on demand, offering them greater control over their compensation. Importantly, this service comes at no cost to the individuals or the employer of record.
Magnit (formerly PRO Unlimited) Cloud Infrastructure Insights
Subscribe to read more about:
- Magnit (formerly PRO Unlimited) Public Cloud and Infrastructure (IaaS)
- Magnit (formerly PRO Unlimited) Platform (PaaS)
- Magnit (formerly PRO Unlimited) Application Delivery
- Magnit (formerly PRO Unlimited) Private Cloud and Data Centers
Research Methodology
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
For additional information on our methodologies, here's the link:
https://www.appsruntheworld.com/About Ushttps://www.appsruntheworld.com/taxonomy
https://www.appsruntheworld.com/FAQ
