Significant step in expansion of Canadian operations
Vancouver, Canada, [6 July 2017]
- TMF Group, a leading provider of high value business services
to clients operating and investing globally, is pleased to announce
the acquisition of OnPayroll.ca Corp. ("OnPayroll"), one
of Canada's leading providers of HR and Payroll services.
Founded in 1989 by Bill Smyth, OnPayroll specializes in providing
outsourced payroll and human resources services to international
companies with employees working in Canada. Clients are generally
small to mid-sized businesses with up to 1,000 employees. 95% of
the company's approximately 100 customers are
internationally-headquartered companies with Canadian
operations.
Headquartered in Vancouver, OnPayroll has become one of the major
market leaders by providing innovative software solutions,
incorporating best practices and emerging technologies into a
complete suite of outsourced solutions. OnPayroll recognized the
importance of technology in payroll management from an early stage
and continues to be committed to providing the best technology
solutions to clients.
The acquisition of OnPayroll expands TMF Group's coverage to
the West Coast of North America, which offers an important link to
TMF Group's Asia Pacific business. This builds scope and scale
for payroll services in Canada, incorporating a team of skilled
payroll employees with experience of the local and US market.
TMF Group funded the acquisition from existing cash resources. The
financial terms of the transaction have not been disclosed.
Gary Hokkanen, Managing Director Canada at TMF Group,
commented:
"This acquisition marks an important stage in the development
of our business. Combining our specialist skills, local knowledge
and high quality client base gives us the ability to develop a
powerful proposition for the Canadian market. We are thrilled to
have met a business partner that shares our vision of what can be
accomplished in Canada."
Jason Gerlis, Regional Director North America at TMF Group,
commented:
"Canada is a key growth area for our business. This
transaction gives us a larger established local presence, supported
by a high quality team with excellent blue chip client
relationships and a foundation from which to expand our operations
in the wider region. I am delighted to welcome the OnPayroll
team to TMF Group and look forward to working with them."
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