The move to acquire Apriori is part of the group’s strategy to increase its representation in South America and to tap into the Brazilian outsourcing market which has been growing at around 6.5% a year.
According to TMF interim chief executive Frederik van Tuyll, “The Americas and Brazil in particular, is a key growth area for our business.
“This acquisition builds on our existing portfolio of services and provides an excellent operational fit – offering TMF Group clients unrivalled service capability in the region and exciting new career opportunities for our Brazilian colleagues.”
Apriori was set up by PwC Brazil in 2000 to provide a full set of BPO services including finance and accounting, human resources, tax and compliance. It now boasts three offices (in Barueri, Rio de Janeiro and Ribeirão Preto) and a staff of more than 500.
The group’s head of Americas Luigi Garlati says that the acquisition will benefit businesses across the Americas, not just in Brazil.
“The market for professional services in Brazil continues to grow year-on-year and this deal marks an important stage in the development of our business.
“Combining Apriori’s specialist skills, local knowledge and high quality client base with TMF’s truly global footprint in over 80 countries, is hugely exciting for both us and our clients.”
TMF expects its Brazilian operations to grow by 22% this year.
Last year KPMG sold its Brazilian outsourcing arm to Grant Thornton.