Posted June 08, 2021
A fast-growing, Atlanta-based background screening and verifications provider plans to raise an estimated $100 million in an initial public stock offering.
First Advantage Corp. filed plans for the IPO on May 28. The company says it has experienced consistent organic revenue growth driven by increasing demand by corporate customers for screening, verifications and ongoing monitoring due to fraud and cyber-attacks; sexual harassment and workplace violence; and the prevalence of social media impacting companies’ brands.
Founded in 2003, First Advantage says it performed more than 75 million screens in 2020. Its services include criminal background checks, drug and health screening, biometrics, identity and education checks, work verifications, resident screening, fleet and driver compliance, executive screening, and social media monitoring.
As of March 2021 the company had approximately 4,200 employees in 16 countries.
First Advantage was owned by Symphony Technology Group until January 2020, when it was acquired by California technology investment firm Silver Lake Group LLC for nearly $1.6 billion.
Accounting for the Silver Lake transaction, First Advantage in 2020 generated revenues of $509 million and a loss of $64 million.
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