Business

Silver Lake to buy First Advantage

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More than one fourth of background verification firm’s workforce is in India

California-based private equity player Silver Lake has agreed to acquire First Advantage, an employee background verification and drug screening solutions firm from Symphony Technology Group (STG), its peer in the neighbourhood, for $1.25 billion.

STG had acquired First Advantage in 2010 from real estate data analytics company CoreLogic Inc. for $265 million. The transaction, which is subject to customary closing conditions, is expected to close in the first quarter of 2020, the company said.

Atlanta-based First Advantage has more than 1,000 of its total 4,300 employees in India and over 700 active clients here.

The company, which operates in 27 locations across North America, Europe and the Middle East, screens close to 60 million documents every year.

As per the contract, First Advantage’s senior management team will remain in their current roles and continue to be meaningful equity holders in the company, said a release.

“We are a leader in the background screening industry and in partnership with Silver Lake, we are looking forward to deliver innovative solutions to our clients with cutting-edge technology,” Vivek Khanna, MD, First Advantage India, told The Hindu.

Silver Lake has over $43 billion in combined assets under management, and its portfolio of investments collectively generates more than $230 billion of revenue annually. The PE firm, which employs over 370,000 people, claims to be the leader in tech investments.

“Silver Lake brings a unique mix of technology expertise, industry relationships, capital availability, and global reach, which undoubtedly will help us reach the next level of our potential,” said Scott Staples, CEO of First Advantage.

First Advantage provides comprehensive background screening, identity and information solutions that give employers and housing providers access to actionable information to facilitate speed and accuracy in their people decisions.

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Printable version | Dec 10, 2019 1:40:42 PM | https://www.thehindu.com/business/silver-lake-to-buy-first-advantage/article30099857.ece

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