Privately held USIS, a provider of employment/drug testing screening solutions and the largest provider of security investigations to the federal government, will acquire HireRight, Inc., an on-demand employment background and drug screening solutions provider for $195 million.
Under terms of the agreement, which has been approved by both companies’ boards of directors, USIS will pay HireRight stockholders $15.60 per share in cash, which represents a 54-percent premium over HireRight’s closing share price of $10.12 on June 6. Upon completion of the merger, HireRight will be combined with the USIS Commercial Services Division.
“The strategic combination of the two companies is expected to provide customers with a comprehensive and integrated range of solutions for managing and mitigating employment-related business risk,” said Randy Dobbs, CEO of USIS. “The combined company will serve over 27,000 customers, ranging from small businesses to global enterprises.”