About Magnit
Magnit is a company based in Southfield (United States) founded in 2014 was acquired by PRO Unlimited in March 2022. It operates as a SaaS (Software-as-a-Service), and Managed Services. Magnit offers products and services including Magnit Platform, Managed Service Provider (MSP), Employer of Record (EOR), Vendor Management System (VMS), and Direct Sourcing. Magnit operates in a competitive market with competitors including Workday, Kronos, SuccessFactors, Justworks and Sage Group, among others.
- Headquarter Southfield, United States
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Sectors
TechnologyBusiness Services
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Email
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Phone
*********
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Website
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Social
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- Legal Name Magnit
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Annual Revenue
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Net Profit
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EBITDA
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Latest Funding Round
- Investors
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Employee Count
Employee Count
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Acquired by
PRO Unlimited
(Mar 29, 2022)
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Products & Services of Magnit
Magnit offers a comprehensive portfolio of products and services, including Magnit Platform, Managed Service Provider (MSP), Employer of Record (EOR), Vendor Management System (VMS), and Direct Sourcing. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
An AI-powered platform for workforce management solutions.
Support for navigating contingent workforce management journeys.
Services for hiring contingent talent efficiently and compliantly.
A visionary platform for managing contingent workforce needs.
Leverages brand to attract pre-vetted contingent talent.
Funding Insights of Magnit
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
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| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in Magnit
Magnit has secured backing from 1 investor. Prominent investors backing the company include Magnit. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
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Magnit is recognized as a leader in contingent workforce management.
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by Magnit
| Company Name | Description | Domain | Location | Founded Year | Amount |
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
Financial Statements - Magnit
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
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| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Magnit Comparisons
Competitors of Magnit
Magnit operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Workday, Kronos, SuccessFactors, Justworks and Sage Group, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
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| domain | founded_year | HQ Location |
Cloud-based HR and financial software is delivered to enterprises.
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HCM software solutions for enterprise workforce management are provided.
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| domain | founded_year | HQ Location |
Cloud-based human capital management software is delivered globally.
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| domain | founded_year | HQ Location |
Benefits administration and payroll management are provided for businesses.
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| domain | founded_year | HQ Location |
Cloud-based accounting and payroll solutions for small and medium businesses
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| domain | founded_year | HQ Location |
Cloud-based payroll and HR solutions are provided for businesses.
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| Company Name | Domain | Founded year | HQ Location | Description |
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Multiple services are booked via an app-based platform.
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On-demand services are booked through an app-based platform.
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App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Frequently Asked Questions about Magnit
When was Magnit founded?
Magnit was founded in 2014.
Where is Magnit located?
Magnit is headquartered in Southfield, United States. It is registered at Southfield, Michigan, United States.
Who is the current CEO of Magnit?
Michael Wachholz is the current CEO of Magnit.
What does Magnit do?
Magnit is established as a trusted partner in contingent workforce management, offering an AI-powered, outcome-driven platform. Solutions provided include Managed Service Provider (MSP), Employer of Record (EOR), Vendor Management System (VMS), and Direct Sourcing. Operations span across 130 countries with 20 corporate locations globally. Expertise is applied in sectors like technology, healthcare, and retail, delivering workforce agility for over 30 years. Comprehensive services are designed to enhance talent acquisition, diversity, equity, and inclusion while ensuring compliance and cost efficiency.
Who are the top competitors of Magnit?
Magnit's top competitors include Workday, SuccessFactors and Sage Group.
What products or services does Magnit offer?
Magnit offers Magnit Platform, Managed Service Provider (MSP), Employer of Record (EOR), Vendor Management System (VMS), and Direct Sourcing.
Who are Magnit's investors?
Magnit has 1 investor. Key investors include Magnit.