SOURCE: Symphony Technology Group
ST. PETERSBURG, FL--(Marketwire - Jan 17, 2013) - First Advantage, a Symphony Technology Group (STG) company and a leading global provider of comprehensive talent acquisition solutions, today announced that it has entered into a definitive agreement to acquire the employment and resident screening business of LexisNexis Risk Solutions, a division of Reed Elsevier. As a result of the acquisition, First Advantage becomes a global leader in talent acquisition solutions with a focus on technology-enabled background screening solutions and services. The combined company will utilize its powerful data, analytics and technology capabilities to deliver even more value to its global customers in North America, Europe, China, India and throughout Asia, in financial services, retail, healthcare, manufacturing and other key verticals.
"The combination of these two leading companies will transform how employers select and screen their employees, dramatically improving the quality of their talent and their recruiting processes and productivity," said Dr. Romesh Wadhwani, Chairman and CEO of Symphony Technology Group. "The customers of First Advantage and LexisNexis now have access to the industry's broadest set of services and expertise and the best technology and solutions for acquiring and retaining the best and most skilled talent available."
Through this acquisition, First Advantage becomes a global leader in providing tens of thousands of employers around the globe a broad range of solutions designed to improve talent acquisition efforts and reduce hiring risk. The addition of the LexisNexis' screening business also further strengthens First Advantage's position in key industries including financial services, transportation, healthcare and volunteer and non-profit. Moreover, as LexisNexis has a particularly strong presence in the retail sector, the acquisition enables First Advantage to broaden its position in the rapidly growing retail industry.
"By bringing together each team's strengths and experience in these two organizations, First Advantage is able to help employers in a wide range of market sectors implement high-level background screening processes that ensure they find the right people who can make a positive impact on their companies," said Jack Freker, CEO of First Advantage. "The combination of First Advantage and the LexisNexis' screening business positions us as the most comprehensive and technologically advanced source for talent acquisition services in the world."
Additionally, as LexisNexis is a leading provider of tenant screening services for large property management companies, First Advantage plans to further diversify its service offering to meet the growing demand for effective screening solutions for multifamily housing.
"After reviewing our business needs and strategic goals, we found that that there was a greater opportunity to accelerate the growth of the LexisNexis screening portfolio with First Advantage," said Mark Kelsey, CEO, LexisNexis Risk Solutions. "As First Advantage is focused on talent acquisition solutions, the company fully understands the importance of background screening to organizational success and can take the screening business to the next level."
BofA Merrill Lynch acted as financial advisor to First Advantage on the transaction and BofA Merrill Lynch and Tennenbaum Capital Partners, LLC, including its affiliate TCP Capital Corp., provided the financing.
The acquisition is expected to close in early March 2013, subject to customary closing conditions.
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
About First Advantage
First Advantage is a global leader in providing talent acquisition solutions and services, including background screening, recruiting solutions, skills assessment and skills-related tax services. First Advantage's proprietary solutions are based on its distinctive capabilities in data, analytics and technology and its domain expertise. First Advantage's headquarters are in St. Petersburg, Florida, and it has offices throughout North America, Europe, China, India and other locations in Asia. More information about First Advantage can be accessed at www.fadv.com
About LexisNexis Risk Solutions
LexisNexis Risk Solutions is a leader in providing essential information that helps customers across all industries and government predict, assess and manage risk. Combining cutting-edge technology, unique data and advanced scoring analytics, Risk Solutions provide products and services that address evolving client needs in the risk sector while upholding the highest standards of security and privacy. LexisNexis Risk Solutions is part of Reed Elsevier, a leading global provider of professional information solutions across a number of sectors.