TMF Group expands into Kingdom of Saudi Arabia by acquiring PROVEN’s corporate services business
TMF Group, a leading provider of compliance and administrative services, today announced the acquisition of the Business Process Outsourcing (BPO), corporate services, corporate immigration and visa services divisions of PROVEN, a leading business outsourcing organisation in the Middle East.
Completion of the transaction is subject to government approvals.
Since its establishment in 2009, PROVEN has been at the forefront of enabling businesses to operate seamlessly in Saudi Arabia and other Middle Eastern regions, including the United Arab Emirates, Bahrain, Egypt, and Kuwait. It has since expanded to cater to international markets while maintaining its reputation as a trusted partner for organisations looking to streamline their operations.
The acquisition represents a significant step in TMF Group’s expansion as the KSA economy is the largest in the Middle East and the eighteenth largest in the world.
With a decade of experience, PROVEN’s team brings a wealth of expertise, advanced technology, and a modern service delivery model to help their partners achieve maximum value creation. This strategic acquisition enables PROVEN to support inbound business from TMF Group’s 125 offices globally while expanding its corporate services value chain. TMF Group will benefit from integrating PROVEN’s regional corporate services businesses into its existing global infrastructure.
As a result, TMF Group will open a new, permanent office in Riyadh, and build on the existing KSA clients currently served by TMF Group’s Dubai office.
PROVEN has demonstrated significant success in the region and this acquisition represents a milestone in TMF Group’s expansion strategy. The Kingdom of Saudi Arabia is a jurisdiction full of potential and this transaction will enable us to add high-quality service capabilities to TMF Group’s portfolio in the Middle East, where we already have a reputable presence in Qatar and the United Arab Emirates. We look forward to welcoming 57 of PROVEN’s talented employees to the TMF Group’s MEA team after the transaction closes.
The acquisition of part of Proven’s business will add a physical presence in a new jurisdiction to TMF Group’s global footprint, enhancing TMF Group’s service offering to international corporates looking to invest and operate in the Kingdom of Saudi Arabia. The acquisition is a fundamental part of a continuing growth story for TMF Group and demonstrates strategic intent to develop and grow its global corporate services and HR business. PROVEN adds high-quality capability to TMF Group’s portfolio of services in the GCC (Gulf Cooperation Council) region, helping it to increase its share of this fast-growing market.
Saudi Vision 2030 aims to build a business ecosystem that sustains and supports the growth of the private sector, and corporate services are an integral part of this ecosystem. Today, both PROVEN and TMF Group are at a maturity level that allows for maximum value creation in the country. Saudi’s private market is in urgent need of the next level of corporate services that can help existing firms keep pace with regulatory and compliance needs. Our partnership with TMF Group is perfectly timed, foreseeing the next level of growth that the Kingdom is envisaging in the near future.
For this transaction, the sellers were advised by Clyde & Co (legal). TMF Group was advised by DLA Piper (legal).
About TMF Group
TMF Group is a leading provider of critical administrative services, helping clients invest and operate safely around the world. Our 10,000 experts and 125 offices in 86 jurisdictions worldwide serve corporates, financial institutions, asset managers, private clients and family offices, providing the combination of accounting, tax, payroll, fund administration, compliance and entity management services essential to global business success.
We work with 60% of the Fortune Global 500 and FTSE 100, and almost half the top 300 private equity firms, covering sectors as diverse as capital markets, private equity, real estate, pharmaceuticals, energy and technology. TMF Group – we make a complex world simple. www.tmf-group.com.
Launched in 2009 with the vision of helping businesses operate fluidly in Saudi Arabia, PROVEN has evolved to become one of the leading outsourcing organisations in the Middle East. PROVEN provides services across different ME regions, including Saudi Arabia, the United Arab Emirates, Bahrain, Egypt, and Kuwait, gradually moving towards other international markets. A decade-long presence allows the team to bring the ideal combination of expertise, technology, and contemporary service delivery model, enabling their partners to reach the peak of their value creation.
PROVEN’s comprehensive service offering, along with their long-standing partner network, allows them to provide a single stop for services tied to all business verticals. By deep diving to identify exact requirements and creating a tailored solution that will cater to our clients. For more information, please visit http://www.proven-sa.com.
Giampaolo Arghittu, Senior Global External Communications Manager,
T: +39 334 947 95 84
Leandra Meintjes, Chief Marketing Officer