Sterling to Offer Market Leading Clinical Solutions Through Acquisition of Vault Workforce Screening
02 Enero 2024 - 7:00AM
Sterling Check Corp. (NASDAQ: STER) (“Sterling”), a leading global
provider of background screening and identity services, today
announced that it has acquired Vault Workforce Screening (“Vault”),
a leading U.S. clinic management platform. The acquisition brings a
network of 17,000 clinics and a flexible service model to enhance
Sterling’s existing drug and health services. This will enable
Sterling to deliver additional market leading screening solutions
for employers in healthcare, transportation, and other regulated
industries where staffing challenges are most acute, decreasing
time-to-hire and improving employee retention.
As part of Sterling’s strategy to in-source key
components of its supply chain, the acquisition of Vault will
accelerate and strengthen Sterling’s financial model and revenue
growth. Vault’s proprietary service model, including Medical Review
Officer (MRO) services and emergency/after-hours scheduling, will
bring increased flexibility and control over delivery of drug and
clinical services. This will enhance Sterling’s suite of pre- and
post-employment drug and health solutions, benefiting both Sterling
and Vault clients.
“The acquisition of Vault extends Sterling’s drug
and health testing capabilities with a broader range of clinical
options, delivery channels, and service models,” says Josh Peirez,
Chief Executive Officer of Sterling. “This acquisition builds scale
within the attractive healthcare and industrials verticals,
enabling Sterling to better meet hiring demands and drive growth,
consistent with our long-term strategy to expand through organic
revenue growth and strategic M&A. We are also particularly
pleased to acquire a strategic asset at an acquisition multiple in
line with our typical tuck-in M&A range.”
The acquisition is expected to contribute $40 to 50
million of annualized revenue to Sterling and be accretive to
Sterling’s Adjusted EPS in 2024. Sterling expects to realize
significant financial synergies related to vendor consolidation and
pricing optimization, enhanced fulfillment capabilities, and
operational efficiencies.
"This sale allows Vault and Sterling to combine the
very best service and delivery of occupational health tests and
exams with the broadest possible menu of employment screening
products," said Claire Cochrane, Vault Health, Inc. Co-founder.
"Sterling is a great fit for Vault as the business continues its
rapid growth, offering Vault’s clients the most comprehensive
background and identity products and expanding Vault’s service area
to address an expanding global marketplace."
Vault’s expert management team and employees will
transition to Sterling as the integration process moves forward and
build upon the company’s proven model of providing deep market
expertise and unrivaled client service.
About Sterling Sterling
(NASDAQ: STER) — a leading provider of background and identity
services — offers background and identity verification to help over
50,000 clients create people-first cultures built on a foundation
of trust and safety. Sterling’s tech-enabled services help
organizations across all industries establish great environments
for their workers, partners, and customers. With operations around
the world, Sterling conducted more than 110 million searches in the
twelve months ending December 31, 2022. Visit us
at www.sterlingcheck.com.
Contacts Investors: Judah
Sokel | IR@sterlingcheck.comMedia: Katelyn Brower |
Katelyn.Brower@sterlingcheck.com
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