Vendor Analysis
published on Aug 24, 2022
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 security 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 and capabilities, and market and financial strengths, including:
- Identification of the company’s strategy, emphasis, and new developments
- Analysis of the company’s strengths, weaknesses, 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 locations.
Key Findings & Highlights:
TMF Group, founded in 1988 and headquartered in the Netherlands, is a privately held multinational firm providing professional services for corporates, capital markets, funds, and family business wealth, including HR and payroll, accounting and tax, corporate secretarial, and global entity management. It has ~9.1k employees globally across 120 offices and 85 tax jurisdictions that serve ~8k clients. Its clients represent ~60% of the FTSE 100 and ~150 private equity organizations. Recent acquisitions include:
- Etive Consulting, a UAE-based company providing compliance advisory, governance support, and AML services, July 2022
- The international client portfolio of Paris-based organization, Isobel Audit Consulting May 2022, supporting its French expansion, May 2022
- NOVACON Bulgaria OOD (“NOVACON”), a provider of payroll and accounting services, March 2022
- Paraty Capital, a Brazilian fund administration platform that focuses on private equity, infrastructure, venture capital, and private debt funds, January 2022.
NelsonHall estimates Its HR and payroll business represents ~22% of its total revenue, covering:
- Cross-border employee lifecycle management services
- International HR projects and consulting
- Managed payroll services in support of 152 countries
- International employee benefits.
This profile focuses specifically on TMF Group's managed payroll services offering, which can support payroll in 152 countries; less than 10% of its payroll services are delivered through sub-contractors. TMF Group continues to add new capabilities. This year, it added four countries to its payroll capability, primarily through acquisitions. Further developments include opening its office in Egypt in 2022, and like many services organizations, it has exited the Russian market.