- EQT Private Equity exits its stake in In.Corp Global, a leading pan Southeast Asia & India corporate services provider, to TA Associates
- Under EQT Private Equity's tenure, In.Corp, has grown from a Singapore business to a regional player with geographical footprint across seven countries, launched new services to provide full end-to-end service offerings and developed an industry leading technology platform at the core of its business to drive workflow automation
- During EQT Private Equity's ownership, In.Corp has experienced substantial revenue and EBITDA growth, while the employee base increased by more than five times
STOCKHOLM, May 7, 2021 /PRNewswire/ -- EQT is pleased to announce that the EQT Mid Market fund ("EQT Private Equity") has completed the sale of its stake in In.Corp Global ("the Company" or "In.Corp") to TA Associates.
Headquartered in Singapore, In.Corp provides end-to-end corporate services such as corporate secretarial, share registry, outsourced accounting and tax services in Singapore, Malaysia, Indonesia, Philippines, Vietnam, Hong Kong and India.
During EQT Private Equity's ownership, In.Corp expanded its geographical presence from one to seven countries, grew its client base substantially to include more large and multinational corporations. Moreover, the Company enhanced its service offering and organizational capabilities to provide end-to-end corporate services support to its clients with its employee base increasing by more than five times.
In.Corp also developed an industry leading technology platform which enables workflow automation, resulting in higher employee productivity and market leading profitability. Today, In.Corp is a leading pan Southeast Asia & India corporate services provider with over 500 employees, servicing more than 12,000 clients across international SMEs and multinational corporations.
Brian Chang, Partner and Investment Advisor, Head of Southeast Asia at EQT Partners, said "We are pleased to have found a good partner for In.Corp for what we believe will be an exciting next phase of its journey. In.Corp has transformed significantly into a regional leader in the Asian corporate services industry in the last five years and we are proud of the accomplishments achieved alongside a very entrepreneurial and professional management team and board. We thank Atin, the management team, all employees and the board for their vision and dedication, and we are confident that In.Corp will continue to be successful under its new ownership."
Atin Bhutani, CEO of In.Corp, said "We want to thank EQT and the entire team for the trust, dedication and guidance over the last five years. EQT has been a great partner and instrumental in In.Corp's journey so far and also in finding the right partner for us for the next phase of growth and transformation. I will personally also cherish the friendships that we have built over these years."
EQT is a purpose-driven global investment organization with more than EUR 67 billion in assets under management across 26 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
About In.Corp Global
Based in Singapore, In.Corp is the leading provider of professional corporate solutions for businesses with presence in seven markets across Asia. In.Corp specializes in a full range of professional services for companies planning to establish a hub or headquarters in Asia, including incorporation, corporate secretarial & compliance, share registry, accounting, taxation, human resources, corporate recovery and other business advisory services.
More info: www.incorp.asia
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The following files are available for download:
Press release EQT Mid Market In.Corp Global 210507