ALPHARETTA, GA and MINNEAPOLIS, MN--(Marketwired - Oct 30, 2013) - First Advantage, a Symphony Technology Group (STG) company and the leading global provider of screening analytics and identity solutions, today announced that it has entered into a definitive agreement to acquire competitor, Verifications, Inc., a Minneapolis-based background checking and drug testing company. As a result of the acquisition, First Advantage will add over 4,000 new clients to its over 41,000 current client relationships that process more than 15 million applicants annually. Having made significant progress on the integration of the LexisNexis screening business that was acquired earlier this year, First Advantage can now leverage a solid technology and process foundation to focus on growth initiatives, customer driven innovation and global expansion efforts.
"We are excited by the opportunity this acquisition brings to our customers and employees. The combination of our organizations offers a broader range of customer-centric products and services that are focused on simple and positive applicant experiences," said Curt Marks, CEO of Verifications, Inc. "We believe the value of this merger is in our ability to improve security, reduce risk, and identify the right people through sophisticated information, technology and analytics."
The addition of the Verifications, Inc. screening business will quickly broaden First Advantage's position in the growing small and mid-sized market place and strengthen the Company's presence in key industries including staffing, healthcare and manufacturing. The Verifications, Inc. top client base boasts an average 12 year tenure including notable Fortune 100 companies. This acquisition will enable Verifications, Inc. clients to now have access to advanced solutions through the largest global footprint in the industry.
"This acquisition validates our desire to significantly grow the First Advantage business and continue to transform the industry," said Mark Parise, CEO of First Advantage. "Because of the investments we made in the business, First Advantage can offer our new clients the most comprehensive and technologically advanced source for making people and partner trust decisions on a global scale."
The acquisition closed October 29, 2013, subject to customary closing conditions.
About First Advantage
First Advantage provides comprehensive screening, identity and information solutions that give employers and housing providers access to actionable information that results in faster, more accurate people decisions. With an advanced global technology platform and superior customer service delivered by experts who understand local markets, First Advantage helps customers around the world build fully scalable, configurable screening programs that meet their unique needs. Headquartered in Alpharetta, Ga., First Advantage has offices throughout North America, Europe and Asia. More information about First Advantage can be accessed at www.fadv.com.
About Verifications, Inc.
Verifications, Inc. is a background checking, drug testing and onboarding company providing solutions to over 4000 clients. Verifications, Inc. accelerates the transition of selected applicants to productive employees. Verifications, Inc.'s culture is based on 5 key tenets: courage, client success, commitment, solidarity and work smart / play hard. To learn more, visit www.verificationsinc.com.
About Symphony Technology Group
Symphony Technology Group (STG) is a strategic private equity firm with the mission of investing in and being a partner in building great software and services companies. In addition to capital, STG provides transformation expertise to enable its portfolio companies to deliver more value to clients to retain and attract the best talent and to achieve best-in-class business performance. All STG portfolio companies are expected to grow through innovation. STG's current portfolio consists of 12 global companies with combined revenue of approximately $2.5 billion and thousands of employees spread across North America, Europe and Asia. For more information, please visit www.symphonytg.com.