First Advantage, a provider of talent acquisition solutions and a Symphony Technology Group (STG) company today announced that it has entered into a definitive agreement to acquire the employment and resident-screening business of LexisNexis Risk Solutions, a division of Reed Elsevier for an undisclosed amount.
With this acquisition, the combined company will utilise its powerful data, analytics and technology capabilities to deliver even more value to its global customers in North America, Europe, China, India and across Asia, in financial services, retail, healthcare, manufacturing and other key verticals, the company said in a release.
“The combination of these two leading companies will transform how employers select and screen their employees, dramatically improving the quality of their talent and their recruiting processes and productivity,” said Romesh Wadhwani, Chairman and CEO of Symphony Technology Group.
The acquisition is expected to close in early March 2013, subject to customary closing conditions. Through the acquisition, First Advantage becomes a global leader in providing tens of thousands of employers around the globe a range of solutions designed to improve talent acquisition efforts and reduce hiring risk.
LexisNexis has a strong presence in the retail sector, and the acquisition enables First Advantage to broaden its position in the rapidly growing retail industry.
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.