GTCR has agreed to acquire Cisive, a background screening provider focused on highly regulated, risk-sensitive industries. The firm will partner with Cisive CEO Jim Owens. J.P. Morgan served as financial adviser to GTCR, while Raymond James worked with the company.
CHICAGO, Nov. 1, 2021 — GTCR, a leading private equity firm, announced today that it has signed a definitive agreement to acquire Cisive (the “Company”).
Cisive, headquartered in Holtsville, New York, is a leading background screening provider focused on providing high value employee background screens and industry-specific data services to highly regulated, risk-sensitive industries. Cisive has long-term relationships with a diverse base of blue-chip enterprise clients across healthcare, financial services, transportation and other regulated industries.
GTCR will partner with long-time CEO Jim Owens, who has led the company since 2008, and the current management team. As part of the transaction, GTCR expects to commit significant incremental equity to fund acquisitions and organic growth initiatives.
Founded in 1977, Cisive has developed a broad range of differentiated vertical offerings including License Manager Pro (subscription healthcare license management), eRailSafe (proprietary rail contractor certification used by 5 of top 7 rail operators), DriverIQ (proprietary OTR trucker database), global sanctions checking (financial institutions), and state arrest and disposition records (government). Cisive’s solutions deliver compliant employment intelligence to enterprise clients who are highly averse to employee-related risks and operate in highly regulated industries.
“Jim and the Cisive management team have built an exceptional business offering high value background screening products to employers operating in complex end markets,” said GTCR Managing Director Aaron Cohen. “We look forward to partnering with the Cisive team as they build on their success in delivering best-in-class products and service for their clients.”
“We are very enthusiastic to partner with GTCR. We look forward to continuing to support our customers with excellent service while expanding our product offerings through innovation and acquisitions,” said Mr. Owens, CEO of Cisive. “GTCR brings significant resources and experience in building industry-leading companies, and they will be a valuable partner in driving long-term growth for our business.”
KJ McConnell, Principal at GTCR, added: “Cisive’s dedication to delivering a strong customer and user experience, unique industry expertise, and high standards for accuracy and compliance creates a robust foundation for future growth. We are thrilled to partner with Jim and the Cisive team.”
J.P. Morgan served as financial advisor and Latham & Watkins LLP served as legal advisor to GTCR. The Company was advised by Raymond James and Willkie Farr & Gallagher LLP. The transaction is subject to customary closing conditions. The terms of the transaction were not disclosed.
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare, Technology, Media & Telecommunications and Growth Business Services industries. The Chicago-based firm pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $20 billion in over 250 companies. For more information, please visit www.gtcr.com.
Cisive is a global leader in compliance-driven human capital and risk management solutions, providing onboarding and pre-employment background screening solutions to address the complex challenges and needs of large enterprises with dedicated, in-country account management teams committed to customer satisfaction. Cisive is accredited by the Professional Background Screeners Association (PBSA) and was named for the fourth consecutive year by HRO Today to the 2020 Baker’s Dozen Customer Satisfaction rankings of Top Pre-Employment Screening Providers, in addition to being named Company of the Year by CIO Review. The company and its brands serve clients in financial services, transportation, telecom/media, healthcare, utilities, and the home services end-markets, among others. For additional information, please visit www.cisive.com.