Norway: TMF Group Agrees To Acquire UPAX
Last Updated: 26 April 2017

Stavanger, Norway – TMF Group, a leading provider of high value business services to clients operating and investing globally, is pleased to announce it has agreed to acquire Upstream Accounting Excellence AS ("UPAX"), a leading provider of finance and accounting services to oil companies in Norway.

Established in 2007, UPAX has built a strong reputation for delivering high quality, value-added business services to oil companies on the Norwegian Continental Shelf. With 28 employees in Stavanger, UPAX is managed by its two shareholders, Kjell Morten Jekteberg and Lars Johan Herstad, both of whom will assume senior leadership positions within the enlarged TMF Norway business.

UPAX is highly complementary to TMF Group's existing operations in Norway. The addition of an office in Stavanger significantly enhances TMF Group's ability to serve major oil and gas clients who will also benefit from the combination of UPAX's specialist accounting, consulting and partner audit capabilities with TMF Group's accounting, payroll and tax compliance expertise.

Kjell Morten Jekteberg, Managing Director of UPAX, commented:

"This transaction marks a significant milestone in the development of our business. We are proud to have built a company that is passionate about delivering services to our clients to the highest standards. We are excited by the opportunity to join TMF Group and pursue our future growth ambitions as part of a global organisation that shares our values and vision."

Juraj Gerzeni, Regional Director for EMEA at TMF Group, commented: 

"This transaction demonstrates TMF Group's commitment to growing by strategic acquisition.  UPAX is an excellent fit for TMF Group with a client base and service offering that is highly complementary to our own and significantly enhances our footprint in Norway.  In addition, I am delighted that Kjell Morten and Lars will join TMF Group and lead the development of the combined Norwegian business. I look forward to welcoming the entire UPAX team to TMF Group."

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

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