Background screening services provider First Advantage will buy rival Sterling Check in a $2.2 billion cash-and-stock deal, the companies said on Thursday, seeking to navigate slowing demand due to the turbulent global economy.
The deal is expected to deliver cost-savings of at least $50 million and would create a screening services firm with an annual revenue of around $1.5 billion from clients in industries ranging from healthcare and retail to financial services.
“This combination unlocks efficiencies and opportunities to fuel incremental growth and invest in new technology solutions, including AI-driven automation,” First Advantage CEO Scott Staples, who will head the combined firm, said in a statement.
