HireRight Holdings, a provider of identity verification and technology background checks, filed its IPO with the SEC on Wednesday. The value of the IPO and the projected share price were not disclosed in the record.
With strong backing from private equity firms General Atlantic and Stone Point Capital, the HireRight case brought in revenues of $ 326.5million (£ 240.3million) while posting a loss of $ 15.6 million. million dollars (£ 11.4 million) for the six-month period ended June 30, 2021. These figures represented an increase in revenue and a decrease in losses, reduced by 66%, over the course of the year. same period of 2020. Its underwriters include Goldman Sachs and Credit Suisse.
The international provider of risk management and compliance solutions for employers, based in the United States, said it developed the first process of background, health and identity checks on the Internet in 1997. It has since adapted and refined its model, in part through partnerships with third parties. party personnel management services like SAP and Oracle.
Today, HireRight serves more than 40,000 customers, including more than a third of the Fortune 500 in more than 200 countries and territories. In 2018, it merged with General Information Services and has since acquired several competitors.
Purpose of the IPO
In its S1 file, HireRight clarified that the funds raised would be used to repay debts, in particular to remove two privileges. The remaining funds would be used for general purposes, such as working capital, investing in technology, and implementing growth strategies.
The company, which had been active on the acquisitions side by buying out companies like Australia’s People Check and Japan’s J-Screen, said it currently has no specific plans for acquisitions or mergers.
HireRight says its goal is to select, partner, onboard and empower businesses through its global platform. Its goal is to help businesses match the right candidates with the right opportunities, while improving regulatory compliance across a wide range of municipalities, counties, states and nations.
Data drives the industry
In addition to its paid services, HireRight has taken the lead in examining its industry and generating resources that serve the company, its customers and perhaps even its competitors with an industry overview and specific perspectives on specific issues. subjects within it.
Each year, it publishes its Global Benchmark Report, which incorporates the views of more than 3,000 human resources and risk assessment professionals around the world. With logistics dynamics and office culture changing rapidly during the pandemic, their 2021 report was touted by HireRight as the most comprehensive to date.
The company also hosts webinars, which discuss specific trends and developments within the industry. They include topics related to compliance and regulation, as well as how socio-legal changes, such as the decriminalization of marijuana, impact employee backgrounds and medical screening.
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