Symphony Technology Group’s Acquisition of LexisNexis Screening Business Closes
Deal Combines First Advantage With LexisNexis Screening, Creating a Global Leader in Growing Industry
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.