HONG KONG, CHINA – Media OutReach – January 31, 2018 – Tricor Group has completed its acquisition of International Outsourcing Inc. (IOI), a well-established Korean professional services firm in which it has held a 30% stake since 2013. This will enhance Tricor’s ability to serve clients in Korea, including international firms expanding in this key market.
The new company, which will operate as Tricor Korea IOI for the coming year and Tricor Korea thereafter, will specialize in company administration, payroll and executive search services, along with other business and investor services. Current IOI Chief Executive Officer Byung-Doo Choi will remain in the CEO role, leading his existing team of close to 100 experienced accountants and consultants. This continuity of leadership and personnel will ensure that Tricor Korea IOI will provide consistent high-quality service to its existing clients, with the benefit of Tricor’s regional experience creating growth opportunities for clients and staff. Henry Tan, Tricor Japan head, will join Mr. Choi as Co-Representative Director to the Tricor Korea IOI board.
“Over our many years as joint-venture partners, IOI and Tricor have shared a commitment to customized solutions and service excellence. We are pleased to now take this relationship and our business development to a new stage. As part of the Tricor Group, IOI will be able to strengthen our business in Asia Pacific and bring new and innovative services to Korea for our clients,” said Mr. Choi.
Lennard Yong, Tricor Group CEO, said, “With IOI as part of the Tricor Group, we will be even better placed to offer best practices and local knowledge to clients that need integrated business, corporate and investor services to help them grow their business in Korea. This outsourced expertise will be even more vital in coming years as Korea matures as a manufacturing powerhouse and a linchpin of the global economy and develops its service sector.”
IOI has more than 40 years of experience in the outsourcing field. Formerly the Company Administrative Services division of Samil Accounting Corporation, a member firm of PricewaterhouseCoopers, it began operating as an independent professional business services in January 2000. See: www.ioikorea.com/
About Tricor Group
Tricor Group (Tricor) has a growing global presence and is Asia’s leading provider of integrated business, corporate and investor services. As a business enabler, Tricor provides outsourced expertise across payroll, accounting, corporate secretarial, and investor services. Tricor has had a rapid expansion through organic growth and development as well as mergers and acquisitions, today with 29,000 clients globally, staff strength of over 2,000 and a network of offices in 37 cities across 20 countries / territories. Our client portfolio includes over 1,100 companies listed on the Hong Kong Stock Exchange, more than 500 companies listed in Singapore and Malaysia, over 40% of Fortune Global 500 companies, as well as a significant share of multinationals and private enterprises operating across international markets. In March 2017, the Permira Funds became the controlling shareholder of the Tricor Group, alongside management. See: www.tricorglobal.com.