Hungary: TMF Group Acquires UCMS Group
Last Updated: 12 May 2016

TMF Group, a leading provider of high value business services to clients operating and investing globally, is pleased to announce the acquisition of UCMS Group, one of Central Eastern Europe's most established independent payroll, HR and accounting providers.

Founded in 2006 and headquartered in Budapest, with other offices in Hungary, Poland and Romania, UCMS Group is managed by Group CEO Béla Kakuk, who will remain involved with the business following completion of the acquisition.

With 300 employees across CEE, UCMS Group is well-known for its technological capability in delivering effective payroll, HR and accounting services for established corporates, as well as businesses looking to enter the region.

The acquisition of UCMS Group is well-aligned to TMF Group's strategic focus of providing multi-country corporate services. It will enhance existing operations in the Central Eastern European region, particularly in Hungary, which is currently UCMS Group's strongest market.

Béla Kakuk, Group CEO of UCMS Group, commented:  "This deal is a significant milestone for the business and presents multiple opportunities. Becoming part of TMF Group combines our skill-set and leverages their global reach, to continue premium delivery of payroll, HR and accounting services in the Central Eastern European region. It will be exciting to build on our successes with TMF Group."

Juraj Gerzeni, Regional Director for EMEA at TMF Group, commented: "This transaction helps TMF Group in our vision to grow the business in Central Eastern Europe. UCMS Group has a strong foothold there, providing payroll, HR and accounting services to many blue-chip international companies. This is an excellent operational fit, supported by high quality management; I look forward to working with Béla and the team."

In 2015, UCMS Group sold its operations in Russia and Ukraine to 1C, a software and service provider in Russia and the former CIS countries. UCMS Group Russia will continue to operate in Russia and the former CIS countries, delivering services to its customers under the UCMS brand.

TMF Group funded the acquisition from existing cash resources; financial terms of the transaction have not been disclosed.

TMF Group's financial advisers to the transaction were PriceWaterhouseCoopers and legal advisers, Hogan Lovells. The seller's advisers were Concorde MB Partners and Keystone Law.

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