BrazilPrimeGlobal more than tripled its APAC business in past year
Global association of professional services firm PrimeGlobal is tracing an unprecedented growth story in Asia Pacific (APAC) – having more than tripled its regional revenues in a pandemic-sticken financial year through a combination of organic and inorganic means.
PrimeGlobal is the world’s fourth largest accountancy-origin association (as opposed to member networks) with over 3,000 global member firms and more than 29,000 employees – together raking in $3.5 billion in yearly revenue as of May 2021.
Alongside strong demand for professional services support during pandemic-induced rescue and recovery efforts, the association’s aggressive inorganic approach of attracting droves of member firms enabled stellar revenue growth last year – amounting to 20% worldwide. The brightest spot on the map was APAC – where a 250% increase (more than x3) was clocked during the 2020/21 financial year.
Supporting this astronomical rise were 11 news member firms across APAC, including five in the last three months alone. The highlight here is the March 20201 addition of Zhongxinghua – one of China’s largest professional services firms, based in Beijing with over 2,700 accountants, tax professionals and advisors (130 partners) spread across 32 offices.
Other APAC additions in the last three months include Hong-Kong-based Frank Forensic Corporate Recovery, Prom Audit in Uzbekistan and TP Adhikari & Associates in Nepal – together topping off new members in China, Pakistan and Singapore in November last year.
“Our unique culture of learning, sharing and collaboration continues to attract new strong independent firms to PrimeGlobal,” said the association’s CEO Steve Heathcote. That said, not all the revenue expansion is down to inorganic means.
Inorganic growth strategy
In a statement, PrimeGlobal revealed how its member firms adopted a host of new and innovative approaches to help their clients through crisis and create value. This includes tailored, customer centric propositions; strategic partnerships; and innovation webinars to share knowledge and best practices.
“I am so proud of our member firms who have been by their clients’ side throughout the pandemic. Our community of engaged members have come together to learn and respond to changing needs,” said Heathcote.
And more growth is on the cards: the firm has recently announced a Strategy 2025 – charting the course of future expansion. “As the pace of change quickens, we have anticipated how firms will need to be supported in the future through our biggest strategy consultation ever. Our Strategy 2025 will ensure our firms are ready to re-tool, re-skill and re-set to help businesses thrive as we emerge from the pandemic,” concluded Heathcote.
