TA buys Singapore corporate services provider, EQT exits
TA Associates has acquired a majority stake in In.Corp Group, a Singapore-headquartered corporate services provider, facilitating an exit for EQT.
The size of the deal was not disclosed. EQT invested in the company in 2016 via its mid-market strategy, which typically commits EUR40-100 million ($45-113 million) per transaction in Southeast Asia. In.Corp co-founder and CEO Atin Bhutani stayed in his role and retained a significant interest in the business.
Part of the investment rationale was to consolidate the company’s local presence and drive regional expansion. During EQT’s holding period, In.Corp’s footprint grew from one market to seven, adding Malaysia, Indonesia, the Philippines, Vietnam, Hong Kong, and India. Headcount increased fivefold to more than 500, according to a statement.
At the same time, In.Corp broadened its service scope to offer an end-to-end proposition for companies planning to establish a hub or headquarters in Asia. It now provides incorporation, corporate secretarial and compliance, share registry, accounting, taxation, human resources, and corporate recovery services to more than 12,000 clients.
“We have been impressed by In,Corp’s track record of growth over the last few years and their commitment to high quality, technology-enabled service delivery,” said Edward Sippel, head of Asia Pacific at TA, in a separate statement. “We look forward to working alongside InCorp to accelerate its vision as a leader in corporate services and to continue to complement organic growth of the business with strategic M&A.”
TA is currently deploying its 13th global flagship fund, which closed at $8.5 billion last year. The strategy is to support growth companies committing $75-500 million in equity per deal. Other business services portfolio companies in Asia include Australia-based corporate insurance provider Honan Insurance and Indian mutual funds specialist Prudent Corporate Advisory Services.
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