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In.Corp Global buys certain practices of Raffles Corporate Advisory
SINGAPORE-BASED corporate services provider In.Corp Global Pte Ltd said on Wednesday it has acquired the secretarial, accounting and tax practices of Raffles Corporate Advisory, as part of its ambitious plans to become a global player within five years.
In.Corp was founded last February but began operations only in July.
The company is already looking to expand to Asean within three years and has set a revenue target of S$100 million within five years, said its CEO Atin Bhutani, adding that In.Corp "will hit about 20 per cent of the target" this year.
The company has set its sights on markets in the region, as well as in India, the United States and the United Kingdom.
In.Corp's purchase of Raffles Corporate Advisory - the first in the pipeline of acquisition targets - will significantly enlarge its client base here as it moves to provide a full suite of corporate services, Mr Bhutani said.
Set up in 1988, Raffles Coporate Advisory has more than 400 international and domestic clients and they will come under In.Corp, which has more than 60 clients from organic growth.
The company, backed by Philip Capital Group, is in the process of closing three other acquisitions and hopes to finalise them this quarter.
While details are not available, Mr Bhutani said these acquisitions would augment the niche services In.Corp wants to grow, such as pre-incorporation advisory services for entrepreneurs setting up businesses here.
"We have a clearly defined strategic roadmap and we have started executing it. The local corporate services market is fairly large, expanding and fragmented with thousands of practices of various sizes providing different aspects of corporate services but not necessarily with a methodology and a differentiated solution suite available across the region that may meet regulators' or clients' compliance requirements and needs."
With regulations tightened for corporate service providers to combat money laundering and terrorism financing taking effect in May last year, Mr Bhutani said he sees opportunities in consolidating the various services as the industry struggles to implement the new standards.
In.Corp is also considering raising further equity in the short term to fund its aggressive expansion plans.