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.
Sterling Check Corp. (NASDAQ: STER) announced strong financial results for Q4 and full year 2021. Q4 revenue surged by 35.1% to $173.6 million, with organic constant currency growth of 32.3%. The company reported a GAAP net income of $2.7 million, contrasting with a loss last year. For the full year, revenues increased 41.4% to $641.9 million, with an adjusted net income jump of 245.9% to $92.2 million. The company expects revenues between $740 million and $755 million for 2022, indicating continued growth.
Sterling Check Corp. (NASDAQ: STER) announced its financial results for the fourth quarter of fiscal year 2021 will be released on March 2, 2022, prior to market opening. A conference call to discuss the results will occur at 8:30 a.m. Eastern Time on the same day. Participants can join via phone or through a live audio webcast on Sterling's investor relations website. The company provides tech-enabled background and identity verification services, conducting over 89 million checks annually for more than 47,000 clients worldwide.
Sterling, a global leader in background screening and identity services, announced the acquisition of Employment Background Investigations, Inc. (EBI) to enhance its foothold in key US markets such as financial services and healthcare. Established in 1994, EBI specializes in background checks, drug testing, and compliance solutions, serving prominent clients across various sectors. The all-cash deal is projected to generate over $30 million in revenue for Sterling in 2022 and is expected to significantly boost adjusted earnings, providing synergies and improved service offerings.
Sterling Check Corp. (NASDAQ: STER) announced a new I-9 integration with iCIMS, enhancing their background and identity services. This integration streamlines compliance with USCIS requirements, minimizing manual processing and improving onboarding speed. The Sterling I-9 solution allows seamless ordering of background checks and employment eligibility verification directly from the iCIMS platform. Key features include electronic Form I-9, remote hire assistance, and real-time progress updates for recruiters.
ID.me has launched an in-person identity verification service in partnership with Sterling Check Corp. (STER), aimed at enhancing access for individuals without mobile devices or internet. The service was first adopted by the New Jersey Department of Labor, enabling residents to verify their identities for unemployment benefits. This expansion follows a significant rise in identity theft related to government benefits, increasing by 2,920%. The collaboration seeks to provide secure and easy identity verification across over 650 retail locations in the U.S.
Sterling Check Corp. (NASDAQ: STER) reports a significant revenue growth of 44.2% in Q3 2021, reaching $169.6 million. Organic constant currency revenue growth was 43.2%. Despite this, the company faced a GAAP net loss of $25.3 million per share, attributed to IPO-related costs. Adjusted EBITDA rose 68.7% to $51.3 million, with adjusted net income increasing 187.5% to $31.6 million. The company has set a 2021 revenue guidance of $617 to $622 million and adjusted EBITDA of $171 to $175 million.
Sterling Check Corp. (NASDAQ: STER) has been selected by the Financial Industry Regulatory Authority (FINRA) as its designated provider for fingerprint processing services. This new role will involve submitting fingerprints to the Department of Justice (FBI) on behalf of broker-dealer firms and funding portals starting December 6, 2021. With advanced fingerprint processing technology, Sterling aims to enhance efficiency and reduce costs for its clients in the financial services sector.
On October 28, 2021, Sterling Check Corp. (NASDAQ: STER) announced that CEO Josh Peirez and CFO Peter Walker will engage in a fireside chat at the J.P. Morgan Ultimate Services Investor Conference on November 18, 2021, at 9:35 AM ET. The company will also hold virtual investor meetings throughout the day. The chat will be accessible via a live webcast on Sterling's Investor Relations website. Sterling provides background and identity verification services, conducting over 75 million checks annually for more than 40,000 clients worldwide.
Sterling Check Corp. (NASDAQ: STER) has appointed Judah Sokel as Vice President of Investor Relations, effective October 25, 2021. Sokel, previously with J.P. Morgan, brings extensive experience in equity research and strong institutional investor relationships. He holds a CFA certification and has a background in accounting. His role aims to enhance Sterling's investor relations strategy and improve engagement with the investment community, particularly as the company evolves following its public listing.
Sterling Check Corp. (NASDAQ: STER) will announce its third-quarter financial results for fiscal year 2021 before market opening on November 10, 2021. A conference call to discuss these results is scheduled for the same day at 8:30 a.m. Eastern Time. Interested participants can join by dialing the provided numbers or by accessing a live audio webcast on Sterling's investor relations website. Sterling offers background and identity verification services to over 40,000 clients, conducting more than 75 million checks annually.
FAQ
What is the current stock price of Sterling Check (STER)?
What is the market cap of Sterling Check (STER)?
What does Sterling Check Corp. do?
How many background checks does Sterling conduct annually?
What is the significance of Sterling's partnership with ID.me?
What are some recent achievements of Sterling Check Corp.?
What was Sterling's revenue for the full year 2023?
How does Sterling help organizations with onboarding?
What technology does Sterling use for its services?
What impact did Sterling's strategic acquisitions have in 2023?
How does Sterling ensure compliance with federal digital identity guidelines?
What is Sterling's approach to continuous innovation?
