Tricor Group Strengths, Domain Expertise, and Key Differentiators
Tricor Group has a growing global presence and it's Asia leading provider of integrated business, corporate, investor, human resources & payroll, and corporate trust & debt services. As a business enabler, Tricor provides outsourced expertise that allows its clients to concentrate on building a business. In most of the countries and territories in which Tricor operates, its professional specialists provide a comprehensive range of services including the following: business advisory; entity formation; corporate governance, corporate administration & secretarial; trust & fiduciary services; accounting & financial reporting; payroll, payment & treasury administration; services for new issues / initial public offerings (IPO) & registry management; tax services; China entry & consulting; executive search; human resource consulting; and fund administration.
Tricor Group Recent Developments
In December 2020 Tricor launched Tricor IPO Smart Pay (“IPO Smart Pay”) as supported by HSBC’s real-time direct debit solution. IPO Smart Pay is a new feature added to the Tricor IPO APP, the market’s first white form e-IPO APP rolled out in October 2019. The launch of the new IPO Smart Pay on the APP further enhances its user-friendliness by offering a fast and secured payment method for IPO applications. In addition, unlike IPO applications through banks and brokerage houses where an investor’s funds are immediately frozen once the application is submitted, Tricor IPO Smart Pay will only debit monies automatically and securely from the investor’s designated account on the IPO closing date. The appeal of IPO Smart Pay is manifold, including investors’ ability to have greater flexibility with their funds and more time to determine the appropriateness of a particular IPO. Investors are allowed to cancel and resubmit their applications anytime before the closing date. The APP also charges no application and service fee.
In December 2020 Tricor Singapore launched its Boardfolio platform, a secure and easy-to-use, virtual board portal that manages the full lifecycle of board and committee operations digitally. The launch of Boardfolio in Singapore marks the next phase of a strategic partnership that Tricor formed with leading board portal provider Praxonomy in November 2019, which paired Tricor’s corporate governance suite with Praxonomy's secure digital board portal. Anchored by two technology solutions, including EZBoard and the SPOT collaboration between, City University of Hong Kong, Microsoft, and TFI Digital Media Limited, the launch of Boardfolio in Singapore and across key markets in ASEAN.
In January 2020, Tricor Hong Kong partnered with Willis Towers Watson (WTW), a leading global advisory, broking and solutions company, to broaden its comprehensive portfolio of services with insurance, risk management and human capital solutions. The partnership is founded on WTW’s experience of delivering best in class workforce protection and risk transfer solutions.
Tricor Group Mergers and Acquisitions (M&A) Activities
In July 2021 Tricor acquired PT ASA Indonesia. A positive move for PT ASA Indonesia, this acquisition will provide local and cross-border clients access to Tricor’s global best practices and innovative solutions and service offerings. Founded in 2004, PT ASA Indonesia is a leading corporate services provider offering comprehensive services in payroll, tax, accounting, and corporate secretarial functions. The firm primarily assists international companies looking to expand into Indonesia. Of the firm’s 200+ clients, 80% are multinational corporations (MNCs) with headquarters that span 10 countries in ASEAN, APAC, and around the globe. With Tricor Indonesia operating for over 11 years in Indonesia, this transaction aims to further enhance the firm’s presence in the country, strengthen its ability to provide payroll, accounting, and tax compliance services to its local and international clients operating in Indonesia, and expand across ASEAN.
In July 2021 Tricor acquired NZGT Holding Company Limited (NZGT Holdings) together with its wholly-owned subsidiaries The New Zealand Guardian Trust Company Limited (Guardian Trust) and Covenant Trustee Services Limited (Covenant) from Complectus Limited. The sale is subject to customary regulatory approvals. A positive move for Guardian Trust and Covenant, this proposed acquisition will see the group and its New Zealand clients benefit from Tricor’s significant financial backing, global best practices, and innovative product and service offerings. Guardian Trust and Covenant are the leading provider of corporate supervisory services with over NZ$250 billion in funds under the supervision and has operated in New Zealand for over 125 years. Guardian Trust and Covenant will continue to grow its team and capabilities through further investment by Tricor Group. The entire team will remain with the business and benefit from opportunities this global alignment offers. Day-to-day operations remain unchanged. Tricor’s Global Corporate Trust business will operate and serve clients across 5 global markets including Hong Kong SAR, Beijing, Singapore, the UK, and New Zealand.
In April 2020, Tricor completed the sale and purchase agreement to acquire the Malaysia operations of Axcelasia Inc., an integrated professional services firm delivering Governance, Risk & Compliance (GRC) solutions, corporate, business and tax services. Axcelasia Inc., ("Axcelasia") a SGX listed company, has a staff of 100+ professionals and a 1,000+ client portfolio consisting of public listed companies, private companies, government-linked entities and multinational corporations.
Tricor Group Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Tricor Group applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Tricor Group and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified Tricor Staffi ng Solutions (TSS) customers.
Tricor Group Overview
Ownership: - Baring Private Equity Asia
Number of Employees: 2800
Key Verticals: Aerospace and Defense, Automotive, Banking and Financial Services, Communication, Construction, Real Estate, Consumer Packaged Goods, Distribution, K83, Higher Education, Federal Government, State and Local Government, Public Safety, Healthcare, Life Insurance, P&C Insurance, Specialty Insurance, Leisure and Recreation, Hospitality, Life Sciences, Manufacturing, Media, Faith-Based Nonprofit, Youth and Elderly Care, Special Cause Nonprofit, Oil and Gas, Chemicals, Professional Services, Retail, Transportation, Utilities,
Tricor Group Key Enterprise and Cloud Applications
Tricor Staffi ng Solutions (TSS)
Tricor Group Revenues, $M:
|Type/Year||2020||2021||YoY Growth, %|
|Total Revenues, $M||Subscribe||Subscribe||Subscribe|
|Enterprise Applications Revenues, $M||Subscribe||Subscribe||Subscribe|
|Cloud Applications Revenues, $M||Subscribe||Subscribe||Subscribe|
* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Tricor Group Revenue Breakdown By Type, $M:
|Type||License||Prof. Services||Hardware||Support & Maintenance||SaaS||PaaS||IaaS||Other (Non Enterprise Application Revenues)||Total|
|% of Total Revenues||Subscribe||Subscribe||Subscribe||Subscribe||Subscribe||Subscribe||Subscribe||Subscribe||100%|
Tricor Group Enterprise Applications Revenues By Functional Markets, $M:
Tricor Group Enterprise Applications Revenues By Verticals, $M:
Tricor Group Revenues By Region, $M
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Tricor Group Direct vs Indirect sales
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Tricor Group Customers - Breakdown by Geo, Size, Vertical and Product
No. of Tricor Group Customers: 50000
No. of Tricor Group Enterprise Applications Customers: x
No. of Tricor Group Cloud Customers: x
No. of Tricor Group Cloud Subscribers: x
Among Tricor customers are 50,000 clients, including 2,000 companies publicly listed in Asia and over 40% of the Fortune Global 500 companies, Tricor has a network of offices in 39 cities across 20 countries/territories.
Tricor Group Market Opportunities, M&A and Geo Expansions
In November 2021 Baring Private Equity Asia, one of Asia's largest private alternative investment firms, and Permira, the global private equity firm, has acquired Tricor Group. The transaction is expected to close in H1 2022 subject to regulatory approvals. The transaction values Tricor at an enterprise value of $2.76bn. BPEA has significant experience within the sector, most notably through its investment in global corporate services provider Vistra, and is well-positioned to replicate its successful value creation strategy through this separate and new platform investment in Tricor. BPEA will support the company’s management team to reinforce Tricor’s leadership position in Asia. With its strong footprint across the region, Tricor is strategically positioned to capture the robust demand for trust or company service providers in Asia, the fastest-growing market globally, and to deliver organic growth.
In 2019, Tricor experienced Digital Transformation at a faster pace than ever before, setting the precedent for a much-anticipated 2020. As digital technologies dramatically reshape industries, many companies are pursuing a large-scale change to get a good grip of the trending benefits and to keep up with competitors.
Tricor Group Risks and Challenges
Tricor Group is primarily a financial services company.
Tricor Group Ecosystem, Partners, Resellers and SI
In February 2020, Tricor Hong Kong and Farseer entered into a strategic partnership, combining Tricor’s leading integrated business advisory and share registry services with Farseer’s Artificial Intelligence (AI) platform. Through this partnership, Tricor and Farseer provide a platform that helps companies gain visibility into what is driving brand and IR health.
In January 2018, Tricor Group unveiled its strategic alliance with global expansion experts Fitzgerald & Law, to enable US companies to enter both European and Asian markets with ease. From their shared base in San Francisco, the two companies will collaborate on their sales and marketing efforts across the US helping clients to accelerate expansion into key markets. This strategic alliance will streamline all cross-border services including company formation, global payroll, international accounting, tax, and HR.
Tricor Group Cloud Infrastructure Insights
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Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
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