SOURCE: Symphony Technology Group
ST. PETERSBURG, FL--(Marketwire - Mar 4, 2013) - First Advantage, a Symphony Technology Group (STG) company and a leading global provider of comprehensive talent acquisition solutions, today announced that its acquisition of the employment and resident screening business of LexisNexis Risk Solutions, a division of Reed Elsevier, has closed. As a result of the acquisition, First Advantage becomes the global leader in screening analytics and identity solutions, delivering the largest global platform and the broadest global footprint in the industry. The acquisition was announced in January.
The combined company will focus on technology-enabled background screening solutions and risk mitigation services, utilizing its powerful data, analytics and technology capabilities to deliver substantial value to its global customers in North America, Europe, China, India, and throughout Asia. Through this acquisition, First Advantage becomes a global leader in providing companies a broad range of solutions designed to provide employers and property owners/managers the high-value workforce and tenants they need to succeed and win in the market.
The addition of the LexisNexis' screening business further strengthens First Advantage's position in key industries including financial services, transportation, healthcare, manufacturing, 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 this rapidly growing and dynamic industry. LexisNexis is also a leading provider of resident screening services for large property management companies allowing First Advantage to further diversify its suite to meet the increasing demand for effective screening solutions for multifamily housing. Through the acquisition, First Advantage will continue to provide best-in-class services to clients with a focus on account management, support and service time delivery.
"The combination of First Advantage and LexisNexis creates unprecedented global scale that will drive accelerated investment in innovative products, services, technologies, and predictive screening analytics as portfolio companies of Symphony Technology Group," said Dr. Romesh Wadhwani, Chairman and CEO of Symphony Technology Group. "First Advantage and LexisNexis clients worldwide will now have access to the industry's most comprehensive set of services and solutions for acquiring and retaining the most skilled talent available."
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.
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