This is the third article in a series about Hurwitz spaces. For a partially multiplicative quandle Q we consider the topological monoid HM(Q) obtained from the Hurwitz space Hur((0, 1) 2 ; Q) by a Moore strictification, and compute its group completion: it is the product of the (discrete) enveloping group G(Q) with a component of Ω 2 Hur([0, 1] 2 , ∂[0, 1] 2 ; Q, G) 0;1 ; here G is any group completing Q to a PMQ-group pair. Assuming further that Q is finite and rationally Poincare and that G is finite, we compute the rational cohomology of Hur([0, 1] 2 , ∂[0, 1] 2 ; Q, G) 0;1 .