Reed Elsevier’s LexisNexis Risk Solutions has sold its LexisNexis screening business to the Palo Alto-based private equity firm Symphony Technology Group (STG). STG plans to combine LexisNexis screening with its portfolio company, First Advantage.
Terms of the deal were not disclosed, but the FT is reporting that analysts at UBS valued the screening unit at up to $300m, based on estimated revenues of $180m and earnings before interest, tax and amortisation of $30m.
“The decision to sell the screening business came after a careful review of the needs of the business and the strategic goals we have in place,” said Mark Kelsey, CEO, LexisNexis Risk Solutions. “While the screening business has been a significant offering within the LexisNexis portfolio, there is greater long-term opportunity for the business with an organization like First Advantage, which is focused on bringing background screening solutions to the marketplace.”
“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 Dr. Romesh Wadhwani, Chairman and CEO of Symphony Technology Group. “The customers of First Advantage and LexisNexis Risk Solutions now have access to the industry’s broadest set of services and expertise and the best technology and solutions for acquiring and retaining the best and most skilled talent available.”
USA, Atlanta, GA & Palo Alto, CA
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