Cashing In On Identity: First Advantage Acquires Infinite ID To Expand US Footprint

Background screening and verification solutions provider First Advantage Corp FA has acquired Infinite ID, a U.S.-based digital identity authentication solutions company and portfolio company of Enlightenment Capital.

The company funded the $41 million all-cash transaction with cash from the balance sheet.

The acquisition is expected to expand First Advantage's network and portfolio of identity solutions in the U.S.

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Infinite ID is profitable and is expected to generate annual revenues of over $10 million.

"This acquisition builds on our digital strategy with one of the most comprehensive digital collection networks in the industry and supports our ongoing commitment to providing high-value offerings that help keep our customers' businesses safe," said CEO Scott Staples.

The company held $401.3 million in cash and equivalents as of June 30, 2023.

Price Action: FA shares are trading higher by 0.50% at $14.02 on the last check Tuesday.