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HireRight, an online employment screener, processed 4.8 million searches in 2006 through a Web-based system.
Well, this week, the company filed to go public.
It's definitely a growing business. From 2003 to 2005, revenues increased from $21.1 million to $43.1 million.
The market size is roughly $4 billion and there is tremendous fragmentation (more than 1,000 screening firms). There are are many growth drivers: employee theft, workplace violence, negligent hiring suits, and fraudulent resumes.
Expect the IPO to hit the market in early summer. The proposed ticker symbol is HIRE.
Also, you can check out the prospectus at the SEC Web site.
Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.
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