PrimeGlobal greater than tripled its APAC enterprise in previous 12 months
The global association of professional services company PrimeGlobal has an unprecedented history of growth in the Asia-Pacific region (APAC) – after more than tripling its regional revenue through a combination of organic and inorganic funds in a pandemic-induced fiscal year.
PrimeGlobal is the world’s fourth largest originating accounting association (as opposed to member networks) with over 3,000 global member firms and more than 29,000 employees – combined with annual sales of $ 3.5 billion (as of May 2021).
In addition to the strong demand for professional assistance in pandemic rescue and recovery efforts, the association’s aggressive inorganic approach to attracting droves of member firms enabled excellent sales growth over the past year – 20% globally. The brightest point on the map was APAC – which saw a 250% increase (more than x3) in fiscal 2020/21.
This astronomical surge was supported by eleven news companies across APAC, including five in the last three months alone. The highlight here is the addition of Zhongxinghua in March 20201 – one of China’s largest professional service companies, based in Beijing with over 2,700 accountants, tax professionals and consultants (130 partners) in 32 offices.
Other new additions to APAC in the past three months include Frank Forensic Corporate Recovery based in Hong Kong, Prom Audit in Uzbekistan and TP Adhikari & Associates in Nepal – along with new members in China, Pakistan and Singapore last November.
“Our unique culture of learning, sharing and working together continues to attract new strong independent companies to PrimeGlobal,” said the association’s CEO, Steve Heathcote. However, not all of the increase in sales can be attributed to inorganic agents.
Inorganic growth strategy
In a statement, PrimeGlobal revealed how its member firms were taking a variety of new and innovative approaches to help their customers through crises and create value. This includes tailor-made, customer-oriented offers; strategic partnership; and innovation webinars to share knowledge and best practices.
“I’m so proud of our member firms who have been by their customers’ side throughout the pandemic. Our community of dedicated members has come together to learn and respond to changing needs, ”said Heathcote.
And more growth is the order of the day: the company recently announced a Strategy 2025 that sets the course for future expansion. “With the increasing speed of change, we have anticipated how companies will need to be supported in the future through our largest strategy consultancy to date. Our strategy will ensure that our companies are ready to retool, re-qualify and realign themselves to help companies thrive in the post-pandemic, ”concluded Heathcote.
