Singapore – 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 Virtual HR ("VHR"), a leading provider of payroll services in Singapore.
VHR was set up by Aileen Ng in 2000 to provide a tailored payroll solution to small and medium sized companies in Singapore, moving away from the conventional corporate approach. With 28 employees, the company now administers over SGD 100 million of client payroll each year, and has developed a reputation for excellent service delivery in the local payroll market.
VHR is highly complementary to TMF Group's existing operations in Singapore. Its focus on a higher value-add service to lower volume payroll clients is in line with TMF Group's strategy in the region, and they bring an excellent portfolio of blue chip customers. VHR will enhance TMF Group's ability to serve Singapore-based SMEs and MNCs, and their clients will also benefit from the broader accounting, payroll and tax compliance expertise of TMF Group.
Aileen Ng, Managing Director of VHR, commented:
"This acquisition marks an exciting milestone for our business. We look forward to joining a global organisation that shares our vision and passion and enables us to expand our service offering to our customers. Our employees will similarly benefit from new opportunities and perspectives as we become a part of a progressive and dynamic organisation in TMF Group."
Paolo Tavolato, Head of Asia Pacific at TMF Group, commented:
"APAC is a key growth area for our business. TMF Singapore's HR Payroll practice is well-established with HRP ISAE accreditation and is on progress to receiving the Outsourced Service Provider Audit Report (OSPAR). This transaction expands our presence in Singapore, and brings a high calibre team with an excellent blue chip customer base. I am delighted that Aileen will form a key part of our combined Singapore business, and I look forward to welcoming the entire VHR team to TMF Group."
TMF Group will fund the acquisition from existing cash resources; financial terms of the transaction have not been disclosed. Foulger Underwood provided lead advisory services to the seller on this transaction.