Analysis & Comment

General Atlantic-backed HireRight files for U.S. IPO

(Reuters) -HireRight GIS Group Holdings LLC, an employee-screening company backed by private-equity firm General Atlantic, filed paperwork with U.S. regulators for an initial public offering on Wednesday.

HireRight generated revenue of $326.5 million in the six months ended June 30 and incurred a net loss of $15.6 million, its filing showed.

The Nashville, Tennessee-based company provides employee-related services, including background screening, verification, and drug and health screening for organizations.

Its software is integrated with third-party employee management systems such as Workday, Service Now, Oracle and SAP, among others.

Founded in 1990, HireRight has more than 40,000 customers, including nearly half of Fortune 500 companies. It merged with background screening company General Information Services (GIS) in 2018 has gone on an acquisition spree since then, buying companies such as BackTrack, J-Screen and PeopleCheck.

Credit Suisse and Goldman Sachs are the lead underwriters for the IPO. The company will be renamed HireRight Holdings Corp prior to the closing of the IPO and will list on the New York Stock Exchange under the ticker symbol “HRT”.

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