AMSTERDAM, NETHERLANDS — Professional services firm TMF Group has acquired PROVEN’s Business Process Outsourcing (BPO), corporate services, corporate immigration, and visa services divisions.
This marks TMF Group’s expansion into the Kingdom of Saudi Arabia (KSA). PROVEN, established in 2009, has assisted business operations in the Middle East and expanded to serve global markets.
The acquisition bolsters TMF Group’s position in the KSA economy, the Middle East’s largest and the world’s eighteenth-largest economy. It allows TMF Group to integrate PROVEN’s regional corporate services into its global infrastructure.
The move will also see the opening of a permanent TMF Group office in Riyadh, building on its existing client base in the region.
“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,” stated Frank Welman, TMF Group’s Head of EMEA.
“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,” said PROVEN Chief Executive Officer Omer Saleem.
Since 1998, TMF Group has had a global presence with 120 offices in 85 jurisdictions. The company has over 9,100 highly qualified professionals with expertise in accountancy, law, corporate secretarial services, human resources, and other fields.
The company reported that its revenues had increased by 14% to €744m (US$794m) for the fiscal year ended on December 31, 2022. Earlier this year, TMF Group acquired PartnersAdmin, a full-service outsourced fund administration provider headquartered in California.