TMF Group acquires Proven’s corporate services business in Saudi Arabia
The Middle Eastern business outsourcing company Proven’s business process outsourcing (BPO), corporate services, corporate immigration, and visa services businesses have been acquired by TMF Group, a provider of compliance and administrative services.
Since its founding in 2009, Proven has played a leading role in making it possible for companies to run smoothly in Saudi Arabia and other Middle Eastern nations, including the UAE, Bahrain, Egypt, and Kuwait. Since then, it has grown to serve global markets while continuing to uphold its standing as a reliable partner for businesses seeking to optimize their operations.
Proven’s staff has ten years of experience, and they bring knowledge, cutting-edge technology, and a contemporary service delivery strategy to assist their partners create the most value possible. By making the strategic acquisition, Proven can grow its corporate services value chain and support inbound business from TMF Group’s 125 offices throughout the world.
TMF Group will gain from incorporating Proven’s regional corporate services companies into its current worldwide infrastructure.
In order to expand its clientele in Saudi Arabia, TMF Group will establish a new office there.
Frank Welman, head of EMEA at TMF Group, said in a statement following the announcement of the acquisition: “This acquisition marks a critical turning point in TMF Group’s expansion strategy. Proven has shown great success in the region.
In the Middle East, where we already have a reputable presence in Qatar and the United Arab Emirates, the kingdom of Saudi Arabia is a jurisdiction full of potential, and this acquisition will allow us to expand our high-quality service capabilities there. After the purchase closes, we eagerly anticipate welcome 57 of Proven’s skilled staff members to the TMF Group’s MEA team.
The purchase of a portion of Proven’s business will increase TMF Group’s service offerings to foreign corporations seeking to operate in and invest in the kingdom of Saudi Arabia, according to Stewart Adams, market head for Middle East and Africa at TMF Group.
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.”
Proven CEO, Omer Saleem, commented: “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.”
source : gulfbusiness.com
