ProService Hawaii, a provider of human resources services in Hawaii, announced on Wednesday that it had named Silver Lake as its new investment partner. According to ProService Hawaii's President and CEO Ben Godsey, the partnership will drive ProService’s growth and improve their technology offering.
Godsey said to Pacific Business News, "We need a larger ecosystem. This will help us achieve that." Hawaii doesn't normally attract this type of major investor. We hope that other companies will see how they can achieve the same thing.
According to the announcement, ProService, which offers bundled HR services such as payroll, insurance, and benefits to over 3,000 employers in Hawaii, Las Vegas, NV, and Denver, CO, plans to "aggressively invest" in its insurance and technology offerings. Silver Lake's industry expertise and technology will help ProService grow its technology strategy, according to ProService.
Silver Lake, a technology investment firm, announced a $400 million strategic investment in Zuroa Inc., headquartered in Silicon Valley, last year. While the exact dollar amount could not be revealed, Silver Lake currently has over $95 billion of assets under management, including committed capital. Silver Lake also reports that its other recent investments total hundreds of millions of dollars or more. The technology investment firm announced last year a $400M strategic investment in Zuroa Inc. headquartered Silicon Valley. According to its website, Silver Lake and CPP Investments purchased software provider Qualtrics in March for $12.5 billion.
In a press release, Silver Lake's managing director, Lee Wittlinger, stated that ProService had mastered the art of solving employers' problems, offering comprehensive solutions in each local market. Silver Lake is excited to work with ProService and leverage our business experience and technology expertise to better serve current and future employer partners and employees.