New York City-based SterlingBackcheck, one of the world’s largest background screening companies, has agreed to acquire Seattle-based TalentWise, one of the most innovative and fastest growing companies in the background screening industry.
Terms of the transaction were not disclosed. In 2013, TalentWise had reportedly raised $25 million in a private equity funding round from an undisclosed source. TalentWise founder Naveen Jain said this was a “significant exit” that was at least two times bigger in size than Intelius, the consumer-oriented company that Jain also founded and which sold last year to private equity firm H.I.G for $100 million to $200 million, according to GeekWire. Jain was also the founder and CEO of InfoSpace in 1996, which briefly became one of the largest internet companies in the U.S. Northwest, before the crash of the dot-com bubble. His latest startup, Moon Express, plans to send a rocket to the moon to collect rare minerals and resources, and then bring them back to Earth.
SterlingBackcheck will integrate TalentWise’s cloud-based client-facing technology with its own screening platform. This is SterlingBackcheck’s ninth M&A transaction in recent years. In June 2015, Goldman Sachs and La Caisse de dépôt et placement du Québec (CDPQ) acquired a majority interest in SterlingBackcheck. William Greenblatt, SterlingBackcheck’s former CEO, remains a significant investor and chairman of the board.
“TalentWise’s impressive track record for growth and numerous achievements and accolades are a direct result of its talented leadership team, dedicated employees and commitment to continuous innovation and customer satisfaction,” said Clare Hart, SterlingBackcheck’s CEO.
“Joining forces with SterlingBackcheck is an exciting direction for TalentWise,” said Todd Owens, TalentWise’s CEO, who will remain with SterlingBackcheck and move into the role of COO.
TalentWise, a leading cloud solutions provider for the human resources industry is transforming how HR screens and onboards new hires from offer letter, to day one. The TalentWise cloud is built on a foundation of compliance, embracing federal, state, and local government regulations; industry standards; and corporate policies. The single solution unifies HR systems and tasks, delivering a streamlined workflow. The company has nearly 500 employees.
SterlingBackcheck delivers confident hiring for a safer, more productive world. An NABPS accredited, global background screening partner, the company employs over 3,000 people in 5 countries and helps over 20,000 organizations hire and retain the right people. SterlingBackcheck is used by approximately 30% of the Fortune 500 and 20% of the FTSE 100 to deliver accurate, efficient and compliant background and drug screening services.