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Background screening and verification solutions provider First Advantage Corp (NASDAQ:FA) has acquired Infinite ID, a U.S.-based digital identity authentication solutions company and portfolio company of Enlightenment Capital.
The company funded the $41 million all-cash transaction with cash from the balance sheet.
The acquisition is expected to expand First Advantage's network and portfolio of identity solutions in the U.S.
Infinite ID is profitable and is expected to generate annual revenues of over $10 million.
"This acquisition builds on our digital strategy with one of the most comprehensive digital collection networks in the industry and supports our ongoing commitment to providing high-value offerings that help keep our customers' businesses safe," said CEO Scott Staples.
The company held $401.3 million in cash and equivalents as of June 30, 2023.
Price Action: FA shares are trading higher by 0.50% at $14.02 on the last check Tuesday.
Posted In: FA
