|By PR Newswire||
|April 13, 2014 07:01 PM EDT||
LONDON and JAKARTA, Indonesia, April 14, 2014 /PRNewswire/ --
Execution of regional strategy provides platform for further growth
TMF Group, a leading provider of high value business services to clients operating and investing globally, is pleased to announce the acquisition of the business and assets of PT Tass Axia Solusi ("Tass Axia"), one of Indonesia's largest providers of payroll and HR administration services.
Founded in 2004, Tass Axia has grown into a successful business, servicing a large number of multinational companies and domestic groups.
The acquisition has seen the transfer of Tass Axia's employees, clients and new business pipeline to TMF Group, more than doubling both its Jakarta-based office's 2013 revenues and total headcount.
The transaction marks an important step in TMF Group's regional growth strategy, providing the business with increased market share and added operational capability to meet the growing number of multinational organisations looking to enter one of the world's fastest growing economies.
TMF Group funded the acquisition from existing cash resources. The financial terms of the transaction have not been disclosed.
Vinod Kumar, Managing Director of TMF Group Indonesia, commented:
"This deal is a landmark moment in the continued execution of TMF Group's regional strategy. The acquisition not only strengthens our position in the payroll and HR administration market, but also provides a strong platform to offer Tass Axia's multinational client base access to our wider range of services through a single point of contact."
Hugo van Vredenburch, Chief Executive of TMF Group, commented:
"With one of the fastest growing economies in the world, Indonesia is a key growth market for TMF Group. This transaction further bolsters our local presence and expertise, ensuring we are well-placed to meet the needs of multinational organisations as they look to expand their global footprint in search of growth."
About TMF Group:
TMF Group is a leading global provider of high value business services to clients operating and investing globally. It focuses on providing highly specialised and business-critical financial, legal and human resource administrative services that enable clients to operate their corporate structures, finance vehicles and investment funds in different geographical locations. TMF Group has operations in more than 75 countries across the Americas, Asia Pacific, Europe and the Middle East.