First Advantage Acquires BackTrack Reports
September 15, 2004
Expanding Scope of Due Diligence Investigations in the Financial Industry
ST. PETERSBURG, Fla., /PRNewswire-FirstCall/ -- First Advantage Corporation (Nasdaq: FADV), a risk mitigation solutions provider, has acquired Manhattan-based BackTrack Reports Inc., a due diligence firm specializing in fulfilling the needs of the financial services industry. This purchase expands First Advantage's due diligence investigative capabilities by adding services tailored to the needs of hedge fund investors, private equity groups, venture capital funds and commercial lenders throughout the world.
Established in 1993, BackTrack Reports is an experienced leader delivering thorough investigative reports on hedge fund managers, corporate management teams and executives on behalf of their financial services clients. In-depth research and interviews contribute to insightful reports on the subject's representations and qualifications -- providing clients with information critical for investment, merger and acquisition, financing or hiring decisions.
"The proliferation of corporate scandals and misrepresentations in the business world has heightened the demand for in-depth investigations," said John Long, chief executive officer and president of First Advantage Corporation. "Adding BackTrack Reports better positions First Advantage to meet this security demand and provides greater resource depth, as well as industry expertise, to our existing due diligence offering."
First Advantage's current due diligence services were gained with the acquisition of CoreFacts, LLC earlier this year. CoreFacts, a leading provider of computer forensics, electronic discovery and investigative work, provides corporate due diligence services to determine the integrity of business transactions or individuals.
To enhance the services of both organizations, it is expected that BackTrack Reports and CoreFacts will be integrated under a combined management team headed by Andrew Levetown, chief executive officer of CoreFacts. The BackTrack Reports offices located in New York City will provide a convenient local presence to serve First Advantage's extensive due diligence clientele in the region.
"BackTrack's management team is very pleased with the opportunities that lie ahead as we join First Advantage," said BackTrack Reports cofounder Randy Shain. "It is exciting to have our goals align and to now have the resources of this evolving leader backing our growth. We look forward to expanding our services while remaining committed to delivering the quality due diligence that forms the foundation of our client relationships."
Source: First Advantage Corporation