M&A in the Corporate Secretarial Space: the Trade-Off Between Autonomy and Future-Proofing in an AI enabled world
- hattie898
- Jan 9
- 3 min read
Updated: Feb 7
The corporate secretarial services industry is facing a critical juncture. Many mid-market business owners see healthy margins and continued growth, even in tougher markets like China, where the majority of firms are still expanding - albeit at a slower pace.
At the same time, disruption through automation is coming, and owners are grappling with a key decision:
💡 Do they sell now and trade autonomy for future-proofing their business?
💡 Or do they hold out, betting that their service differentiation will remain valuable despite increasing automation?
This tension is driving a surge in M&A activity, as buyers focus on acquiring sticky client books rather than prioritising leadership talent - marking a unique shift from other service-based M&A transactions.
The recent BPEA EQT backed merger of Vistra and Tricor demonstrates how investors are betting big on corporate services as a scalable, tech-driven sector.
Why This Deal Matters:
Consolidation Play: The merger creates a market leader in corporate secretarial, compliance, and administration services across APAC and beyond.
Tech Integration for Scale: With automation reshaping corporate services, BPEA EQT sees an opportunity to future-proof through technology investment.
The Buy-and-Build Model: Rather than focusing on leadership teams or niche expertise, this deal - like many in the sector - is about scaling recurring revenue from a loyal client base.
Unlike M&A in professional or marketing services, where acquiring top talent is critical, corporate secretarial M&A is increasingly about buying books of business rather than unique expertise.
Tech-Driven Disruptors: Sleek & Osome Shake Up the Market
While traditional players consolidate, tech-first disruptors like Sleek and Osome are introducing AI-driven, automation-heavy corporate services at scale.
🔹 Sleek – A Singapore-based digital-first provider specialising in automated incorporation, bookkeeping, and compliance.
🔹 Osome – A platform-based firm delivering real-time secretarial, tax, and compliance support to startups and SMEs.
🚀 The Big Question: Can They Scale Without Losing Service Quality?
Corporate secretarial clients are sticky, but they still expect responsive, high-quality service.
Automation can improve efficiency, but compliance complexity requires human expertise - something disruptors must prove they can maintain at scale.
While these firms are winning on pricing and UX, trust and advisory depth remain critical differentiators.
If Sleek and Osome can balance automation and service quality, they may reshape the industry - forcing mid-market firms to either sell now or invest heavily in their own tech transformation.
Why M&A in Corporate Secretarial Services is Accelerating
1. Sticky Revenue Streams Attract Investors
Corporate services firms generate highly predictable, recurring revenue, making them an attractive M&A target.
Unlike marketing agencies or consulting firms, where client churn is higher, corporate secretarial books of business tend to retain long-term clients.
2. Mid-Market Firms Weigh Autonomy vs. Future-Proofing
Many mid-market firms are financially strong, but they recognise that automation and tech-driven solutions will challenge their traditional model.
Owners are debating: Do they sell now while margins are good, or risk getting left behind?
Some firms are choosing M&A to gain access to capital and technology, even if it means trading independence for security.
3. Private Equity is Betting Big on Consolidation
PE firms like Hillhouse, EQT, and others are consolidating fragmented markets.
The buy-and-build model is focusing less on leadership teams and more on scaling client portfolios.
The barriers to entry for new players remain high, making existing books of business an especially valuable asset.
What’s Next?
As compliance complexity rises and automation accelerates, the corporate secretarial sector will likely see more M&A activity, including:
✔ Further consolidation of mid-market firms by global players
✔ PE-backed roll-ups prioritising book acquisition over management expertise
✔ Disruptors refining AI-driven services while battling service quality concerns
With margins still strong but disruption looming, the corporate secretarial industry is facing an inflection point:
Sell now and gain scale - or invest in tech to stay independent.
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