Simpson Thacher is representing Apax Digital Fund, a technology-focused growth equity fund advised by Apax Partners, in its pending investment in Accurate Background, LLC (“Accurate Background”) in connection with Accurate Background’s pending acquisition of the CareerBuilder Employment and Background Screening business (“CBES”) from CareerBuilder, LLC. Through a strategic partnership agreement, CareerBuilder will continue to offer Accurate’s employment screening services to clients. The Apax investment and Accurate Background’s acquisition of CBES are expected to close concurrently by the first quarter of in the first half of 2020, subject to customary closing conditions and regulatory approvals. Financial terms of the transaction were not disclosed.
Accurate Background is a provider of automated workforce screening, serving U.S. and international clients across all industries, from emerging businesses to Fortune 500 companies. CareerBuilder is majority-owned by funds managed by affiliates of Apollo Global Management, LLC. CBES provides a comprehensive portfolio of screening services that includes background checks, verification, drug testing and health services and an electronic I-9 and E-Verify program.
The Simpson Thacher team includes Ryerson Symons, Jakob Rendtorff, Todd Noelle, Donovan Westbrook, Shenlu Xu, Matthew Closs and Melissa Parres (M&A); Sophie Staples (Tax); Andrew Blau, Jake Phillips and Arielle Trapp (ECEB); Sara Razi, Ellen Frye and Kelly Karapetyan (Regulatory); Lori Lesser and Melanie Jolson (IP); Ed Bersuder (Credit); Michael Isby (Environmental); and Steven DeLott (Insurance).