TMF Group expands into Saudi Arabia by acquiring PROVEN’s corporate services business

Zaid Al Mashari, CEO, PROVEN Arabia and Stewart Adams Regional Managing Director Middle East AND Africa, TMF Group
Zaid Al Mashari, CEO, PROVEN Arabia and Stewart Adams Regional Managing Director Middle East AND Africa, TMF Group

Published: Mon 5 Jun 2023, 3:30 PM

Last updated: Mon 5 Jun 2023, 3:33 PM

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.

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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 UAE, 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 Saudi Arabia's 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 Saudi Arabia clients currently served by TMF Group’s Dubai office.

On announcing this acquisition, Frank Welman, head of EMEA, TMF Group, commented: “PROVEN has demonstrated significant success in the region and this acquisition represents a milestone in TMF Group’s expansion strategy. 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 UAE. We look forward to welcoming 57 of PROVEN’s talented employees to the TMF Group’s MEA team after the transaction closes.”

Stewart Adams, market head of Middle East and Africa, TMF Group, stated: “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 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 the 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.”

Omer Saleem, chief executive officer, PROVEN, 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 shortly.”

For this transaction, the sellers were advised by Clyde & Co (legal). TMF Group was advised by DLA Piper (legal).

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