First Advantage Expands Digital Identity Solutions by Acquiring Infinite ID
05 9월 2023 - 8:30PM
First Advantage Corporation (NASDAQ: FA), a leading global provider
of employment background screening and verification solutions,
today announced the acquisition of Infinite ID, a U.S.-based
digital identity authentication solutions company and portfolio
company of Enlightenment Capital. The $41 million all-cash
transaction was funded with cash from the balance sheet and expands
First Advantage’s network and portfolio of identity solutions in
the United States. Infinite ID is profitable and is expected to
generate annual revenues of over $10 million.
“We are excited to add Infinite ID’s advanced technology and
solutions to the First Advantage portfolio. This acquisition builds
on our digital strategy with one of the most comprehensive digital
collection networks in the industry and supports our ongoing
commitment to providing high-value offerings that help keep our
customers’ businesses safe,” said Scott Staples, First Advantage’s
Chief Executive Officer. “Infinite ID’s technology complements our
other identity solutions, including RightID® and Digital Identity
Services, also enabling us to continue to improve the applicant
experience. This is a major milestone towards our strategic
objectives to expand our portfolio of innovative products and
differentiated solutions while strengthening our core business. We
look forward to welcoming the Infinite ID team to the First
Advantage family.”
About First Advantage
First Advantage (NASDAQ: FA) is a leading global provider of
employment background screening and verification solutions. The
Company delivers innovative services and insights that help
customers manage risk and hire the best talent. Enabled by its
proprietary technology, First Advantage’s products help companies
protect their brands and provide safer environments for their
customers and their most important resources: employees,
contractors, contingent workers, tenants, and drivers.
Headquartered in Atlanta, Georgia, First Advantage performs screens
in over 200 countries and territories on behalf of its
approximately 33,000 customers. For more information about First
Advantage, visit the Company’s website: https://fadv.com/
About Enlightenment Capital
Enlightenment Capital, a Washington, DC area based private
investment firm, provides flexible capital and strategic support to
middle-market companies in the Aerospace, Defense, Government &
Technology sector. The firm partners with businesses that provide
vital services, protect critical infrastructure, innovate cyber and
data solutions, enhance decision making capabilities, engineer
aerospace and space systems, safeguard national security, and
endeavor to meet the challenges of today and tomorrow. For more
information, visit www.enlightenment-cap.com and follow
Enlightenment Capital at
www.linkedin.com/company/enlightenment-capital.
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include all
statements that are not historical facts. The words “believe,”
“may,” “will,” “estimate,” “continue,” “anticipate,” “intend,”
“expect” and similar expressions are intended to identify
forward-looking statements. These forward-looking statements are
subject to various risks, uncertainties, assumptions, or changes in
circumstances that are difficult to predict or quantify, including
those described under the “Risk Factors” section in our Annual
Report on Form 10-K for the fiscal year ended December 31, 2022, as
such factors may be updated from time to time in our periodic
filings with the Securities and Exchange Commission (SEC), which
are accessible on the SEC’s website at www.sec.gov. Any
forward-looking statements included in this press release or our
SEC filings are made only as of their respective dates, and we
undertake no obligation to publicly update or review any
forward-looking statement, whether as a result of new information,
future developments, or otherwise, except as required by law.
Investor Contact
Stephanie Gorman Vice President, Investor
Relations Investors@fadv.com (888) 314-9761
First Advantage (NASDAQ:FA)
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First Advantage (NASDAQ:FA)
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