Sterling Check Corp. - STER STOCK NEWS

Welcome to our dedicated page for Sterling Check news (Ticker: STER), a resource for investors and traders seeking the latest updates and insights on Sterling Check stock.

Sterling Check Corp. (NASDAQ: STER) is a global leader in providing technology-enabled background and identity verification services. Serving over 50,000 clients, Sterling is pivotal in helping organizations across various industries build trust and safety in their workplace environments through comprehensive background checks, identity verification, and ongoing risk monitoring.

Headquartered in Independence, Ohio, Sterling conducts more than 95 million background checks annually. Their services encompass identity verification, criminal background screening, credential verification, drug and health screening, employee documentation processing for onboarding, and continuous risk assessment, all integrated within a proprietary, cloud-based technology platform. This platform delivers real-time, data-driven insights, empowering organizations to manage their employment screening programs efficiently.

Recent achievements include a series of strategic partnerships and innovations. Notably, Sterling's collaboration with ID.me since 2021 has brought forth a pioneering identity-first solution, enhancing pre-employment screening processes. This collaboration ensures up to 45% more accurate criminal results when identity verification is included in the hiring process. In May 2023, this solution became the first to earn Kantara’s Trustmark for Identity Assurance Level 2 (IAL2), meeting federal digital identity guidelines set by the National Institute of Standards and Technology (NIST). This certification enables federal, state, and local US governments to deliver compliant identity verification through Sterling and ID.me solutions.

Financially, Sterling has shown resilience and strategic growth despite macroeconomic challenges. For the full year ending December 31, 2023, Sterling reported revenues of $719.6 million, a slight decrease from the previous year, primarily due to macro uncertainty impacting base business with existing clients. However, the company achieved significant progress in revenue drivers such as new business acquisition, upselling, and cross-selling, which improved their performance metrics going into 2024.

Sterling's commitment to innovation extends to their partnerships, such as with Konfir, aimed to dramatically speed up employment verification processes and improve candidate experiences. This partnership leverages Konfir’s API-driven employment verification technology, reducing verification times from days to seconds and enhancing security and accuracy.

Looking ahead, Sterling is poised for continued growth and expansion. Their acquisition of Vault Workforce Screening in early 2024 enhances their capabilities in drug and health testing, aligning with their long-term strategy of organic growth and strategic M&A. Sterling’s proactive approach in adapting to market needs and integrating advanced technological solutions continues to solidify their position as a market leader in the background and identity verification industry.