Vendor Analysis
published on Sep 19, 2025
Report Overview:
This NelsonHall vendor assessment analyzes TMF Group's offerings and capabilities in Payroll Services
Who is this Report for:
NelsonHall’s Payroll Services profile on TMF Group is a comprehensive assessment of TMF Group’s offerings and capabilities, designed for:
- Sourcing managers monitoring the capabilities of existing suppliers of Payroll Services and identifying vendor suitability for Payroll Services RFPs
- Vendor marketing, sales, and business managers looking to benchmark themselves against their peers
- Financial analysts and investors specializing in the Payroll Services sector.
Scope of this Report:
The report provides a comprehensive and objective analysis of TMF Group’s Payroll Services offerings, capabilities, and market and financial strengths, including:
- Identification of the company’s strategy, emphasis, and new developments
- Analysis of the company’s strengths, challenges, and outlook
- Revenue estimates
- Analysis of the profile of the company’s customer base, including the company’s targeting strategy and examples of current contracts
- Analysis of the company’s offerings and key service components
- Analysis of the company’s delivery organization, including the location of delivery centers.
Key Findings & Highlights:
TMF Group is a privately held multinational firm providing professional services for corporates, capital markets, funds, and family business wealth. Its core global services are:
- Accounting and tax
- Payroll and HR
- Global entity management.
It has ~11.5k employees globally across 87 countries that serve ~8k clients. Its clients represent ~60% of the FTSE 100 and ~150 private equity organizations.
TMF Group's managed payroll services offering, which supports ~523k client employees across 152 countries, has less than 10% of its payroll services delivered through sub-contractors. TMF Group continues to add new capabilities. 2024 was a pivotal year as it developed its new global payroll platform for release in 2025. It has recently expanded to complement its payroll offerings to include Global HR administration, as well as learning and development services. Over 2024, TMF Group grew organically, as well as through acquisition (eight in 2024), including the following payroll and HR-specific deals:
- EWM Global to expand its HR Services, bringing enhanced capability for global incentive compensation solutions
- RSM Brasil BPS, Alphaville Unit, to Expand Accounting, Tax, and Payroll Services in Latin America
- KMC Campos y Campos and Matas Lorenzo in Mexico to expand footprint in Latin America.
In 2024, a major transformation program began to significantly enhance its HR and payroll middleware platform, TMF Optix, to add greater automation and AI capability, a modernized UX, an employee HR data layer, an API library, AI-powered dashboards, and a workflow engine. All TMF Group clients currently use Horizon but will gradually migrate to TMF Optix over time once released.
