NEW YORK, Nov. 2, 2021 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Asset-Based
Lending business served as joint lead arranger on a
$1.16 billion financing for PRO
Unlimited Inc., a leading Integrated Workforce Management (IWM)
platform provider.
Serving hundreds of the world's most recognizable brands, PRO
Unlimited offers modern workforce management and a partner
ecosystem supported by data, software, intelligence and services to
meet organizations' flexible workforce needs. Proceeds were used in
part to facilitate the company's acquisition of Workforce Logiq, a
global provider of AI-powered workforce intelligence, technology,
and services, and for general corporate purposes.
"We've had a long-term relationship with CIT as our lender and
were pleased to have them participate as joint lead arranger in
this latest financing as we continue to optimize our organization
for future growth and ongoing innovation," said Kevin Akeroyd, CEO of PRO Unlimited.
"Our decade-long engagement with PRO Unlimited is an example of
how our relationship-oriented approach can help companies finance
their growth trajectory," said Chris
Esposito, managing director and group head for CIT's
Asset-Based Lending business. "We were pleased to play a role
in this latest round of financing as the company pursues its growth
agenda and continues its evolution."
CIT's Asset-Based Lending business meets clients' working
capital needs by offering innovative structures that reduce funding
costs and lower operational risks while improving earnings by
leveraging accounts receivable, inventory or fixed assets as
collateral.
About CIT
CIT is a leading national bank focused on
empowering businesses and personal savers with the financial
agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a
financial holding company with over a century of experience and
operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC,
Equal Housing Lender). The company's commercial banking segment
includes commercial financing, community association banking,
middle market banking, equipment and vendor financing, factoring,
railcar financing, treasury and payments services, and capital
markets and asset management. CIT's consumer banking segment
includes a national direct bank and regional branch network.
Discover more at cit.com/about.
MEDIA RELATIONS:
John M.
Moran
212-461-5507
john.moran@cit.com
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SOURCE CIT Group Inc.