Primus Capital has made a major growth investment in MBO Partners.
Based in Herndon, Virginia, MBO is the largest provider of independent workforce solutions.
At present, more than one in five workers are independent, and in the next five years as the gig economy matures, more than half of the workforce will have worked independently at some point in their careers. This dynamic requires new ways for workers to obtain their safety nets of benefits, traditionally delivered by employers. It requires companies to manage complex worker classification risks mandated by a multitude of government regulators and tax collectors. And in spite of this, it is quickly becoming the way of work for the future.
For nearly two decades MBO has focused on this market and has built the only complete business operating system platform designed for professionals who want to deliver their services as independent contractors. The MBO platform improves how these independent professionals operate their business and is integrated across many of the world’s most successful organisations, including many of the Fortune 100, enabling enterprises to curate their own preferred networks of independent talent while leveraging MBO’s enterprise grade secure, compliant and efficient engagement and payment process. This streamlines the entire independent workforce process, removing costs and risks from the services supply chain of global enterprises while making it is easy for talented professionals to work on interesting and valuable assignments.
“The investment from Primus and the expertise they bring to our team will enable us to deliver more customer solutions, accelerate technology enhancements, and gain a larger industry footprint,” says Gene Zaino, CEO of MBO Partners. “The market has spoken, and it needs our platform as a keystone enabler across the growing ecosystem of new online communities of independent talent. We are extremely fortunate to have spent years working with amazing enterprise clients, highly talented independents and many legal and regulatory experts to create an extraordinary platform and solution. We are excited to partner with Primus so we can accelerate our solutions to meet growing market demand.”
Primus is highly selective with their investments. “We are excited to expand our reach in the human capital realm to the growing independent workforce and gig economy,” says Jon Dick, managing director at Primus. “It is clear that MBO Partners is the definitive leader in this space. MBO understands the unique needs of both independent workers and the enterprises that engage them, and we are excited to support MBO in the next stages of their growth and expansion.”
Aaron Davis, director at Primus, adds: “We are impressed by the strong management team leading the organisation and clear thought leadership in the independent labour market. MBO is a great addition to our portfolio and will benefit from our long history in human capital management and working with leading growth companies to realise their potential.”
The Primus investment is the first capital raise since the inception of MBO Partners. The employee and management team remain the majority owners but now the company has a strong financial partner that is ready to support a new stage of the company’s growth. Dick and Davis will join the board as directors
