TMF Group acquires Extor and UCMS Group

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TMF Group, a provider of business services to clients operating and investing globally, has acquired Extor, an accounting and payroll services provider in Poland.

Founded in 2005, Extor has expanded its team to 140 employees delivering effective accounting, tax compliance, payroll and HR administration services to established corporations, as well as businesses looking to enter the region.

Extor will double TMF Group’s presence in Poland, and with a similar client portfolio it enhances the ability to invest in and grow operations in the country.

“The Central Eastern European region is a key growth area for TMF Group. Extor is one of the fastest growing providers of accounting and payroll services in this market, making the acquisition an excellent fit,” Daniel Proychev, Regional Director for CEE at TMF Group.

The company also informed that it had acquired Budapest based UCMS Group, one of Central Eastern Europe’s most established independent payroll, HR and accounting providers.

With other offices in Hungary, Poland and Romania, UCMS Group hires 300 people across the CEE region and is managed by Group CEO Béla Kakuk, who will remain involved with the business following completion of the acquisition.

Both transactions were funded from existing cash resources. The financial terms of the transaction have not been disclosed.

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