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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.
Sterling Check Corp. (NASDAQ: STER) announced it will release its financial results for Q1 FY2023 on May 9, 2023, before market opening. A conference call is scheduled for the same day at 8:30 a.m. ET to discuss these results. Participants can dial 1-844-200-6205 (U.S.) or +1-929-526-1599 (international) for access. The company, a global leader in technology-enabled background and identity verification services, served over 50,000 clients and conducted more than 110 million searches in 2022. For more information, visit the investor relations website.
Sterling Check Corp. (NASDAQ: STER) announced record financial results for 2022, achieving a 19.5% revenue increase to $766.8 million, driven by organic growth from new clients and acquisitions. GAAP net income reached $19.4 million, a turnaround from a loss of ($18.5 million) in 2021. Adjusted EBITDA rose 10.8% to $198.5 million, despite a decrease in adjusted EBITDA margin to 25.9%. In Q4, revenues fell 2.1% to $169.9 million, impacted by macroeconomic factors. The company enhanced its capital structure with a $700 million credit facility and announced two acquisitions, Socrates and A-Check Global, boosting growth prospects.
Sterling Check Corp. (NASDAQ: STER) has announced its acquisition of A-Check Global, aimed at enhancing its offerings in key U.S. sectors, including Healthcare, Industrials, and TechMedia. This all-cash transaction is part of Sterling's strategy to boost organic revenue growth through M&A, expected to be synergistic and accretive to adjusted earnings in 2023. A-Check Global, part of the ActOne Group, will continue to provide exceptional support to its clients, leveraging Sterling’s extensive market expertise and tech-enabled services. The deal aligns with Sterling's commitment to delivering quality background screening and identity services.
Sterling Check Corp. (NASDAQ: STER) will release its fourth quarter fiscal year 2022 financial results on March 2, 2023, prior to market opening. A conference call is scheduled for the same day at 8:30 a.m. ET to discuss these results. Dial-in details include 1-844-200-6205 for U.S. calls and +1-929-526-1599 for international participants, using conference code 673805. The conference call will also be available via a live audio webcast on Sterling’s investor relations website, where a replay will be accessible until March 16, 2023.
Sterling Check Corp. (NASDAQ: STER) announced the acquisition of Socrates Ltd., the largest independent screening company in Latin America, enhancing its global presence to address growing hiring demands in the region. CEO Josh Peirez emphasized the strategic alignment between Sterling’s mission and Socrates’ operational model. Founded in 2003, Socrates operates in Brazil, Colombia, and Mexico, providing a range of background screening services. This acquisition is part of Sterling's ongoing growth strategy, funded entirely with cash on hand.
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