Business services provider TMF Group of the Netherlands has purchased Indonesian payroll and HR services firm PT Tass Axia Solusi. The financial terms of the acquisition deal were not disclosed, according to PR Newswire.
TMF Managing Director Vinod Kumar said of the transaction: "This deal is a landmark moment in the continued execution of TMF Group's regional strategy. The acquisition not only strengthens our position in the payroll and HR administration market, but also provides a strong platform to offer Tass Axia's multinational client base access to our wider range of services through a single point of contact."
Under the terms of the said deal, Tass Axia's employees, customers, and business have been transferred to TMF. This deal is part of the latter's bid to increase its market share and expand its client base, the report detailed.
TMF Group is an international provider of financial, legal, and HR administration services for various corporate entities. It currently operates in over 75 countries in the Americas, Europe, Middle East, and Asia Pacific, PR Newswire reported.
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