Control Risks Group Holdings Announces Joint Venture in International Background Screening
Control Risks Group Holdings Limited of the United Kingdom, the world’s leading independent, specialist risk consultancy, and Intersections Inc (NASDAQ: INTX) of the US, a leading provider of branded and fully-customised identity management solutions, today announced agreement on the formation of a joint venture in the rapidly growing background screening business. The joint venture will benefit from ABI’s systems and operating capability while Control Risks provides its global reach and international marketing presence.
The joint venture, to be called Screening International LLC, will comprise Intersections’ wholly-owned subsidiary American Background Information Services, Inc (ABI) and Control Risks Group Holding’s UK background screening business Control Risks Screening Limited.
“With the increasing trend for business to recruit across operating markets and move staff between international locations, the need for high quality international background screening has never been greater. So said John Conyngham, Global Director of Corporate Investigations at Control Risks. He continued, “With Control Risks' international experience and ABI’s breadth in technical expertise, the combined operation intends to establish a new standard in background screening”.
Michael Stanfield, Chairman and CEO, Intersections. “Intersections’ 10-year history of providing identity management solutions to the customers of large financial services companies enables us to leverage our experience, technology and relationships to benefit existing and new markets in innovative and exciting ways. This joint venture is such an example.”
Chris Andrews, CEO of Screening International and ABI commented: “This venture provides greater servicing capacity and efficiency in the delivery of background screening products using the best available technology.”
The Boards of Directors of both companies have approved the transaction. The joint venture is subject to customary closing conditions and is expected to close later in the second quarter of 2006.