Tricor Group has completed its acquisition of International Outsourcing Inc (IOI), a well-established South Korean professional services firm in which it has held a 30 per cent stake since 2013. This will enhance Tricor's ability to serve clients in South 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 specialise in company administration, payroll and executive search services, along with other business and investor services. Current IOI Chief Executive Officer Choi Byung-Doo 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 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 customised 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 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.