U.S. professional services firm PricewaterhouseCoopers (PwC) has sold its Brazilian outsourcing arm Apriori to the TMF Group, apparently to phase out BPO operations and focus on consulting services.
Amsterdam-based TMF says the acquisition will increase the “breadth and depth” of its service offerings in the Brazilian outsourcing market, which the group says is growing at around 6% annually.
With more than 500 employees and well-tested technology assets, Apriori makes an ideal pick for TMF as it aims to tap into Brazil‘s largely unexplored labor market. With delivery centers in Barueri, Rio de Janeiro and Ribeirão Preto, Apriori provides BPO services in finance & accounting, human resources, tax and compliance.
TMF has significant presence in Latin America. Between 2006 and 2009, it made 47 acquisitions, including departments of Ernst & Young, KPMG, Grant Thornton and Baker Tilly in countries like Brazil, Argentina and Mexico.
According to reports, TMF is serving about 150 customers in Brazil and the acquisition of Apriori will add another 200 clients to its operations. Among its service offerings are accounting, tax, HR, payroll and corporate secretarial. It is also indicating that it will launch anti-fraud monitoring services in the South American country.
“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,” said Frederik van Tuyll, interim Chief Executive of the TMF Group.
The head of the group in the Americas region, Luigi Garlati, affirmed that the acquisition would benefit businesses across the Americas — not just in Brazil, where the company expects its operations to grow by 22% this year.
“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,” Garlati said.