General Atlantic, a global growth equity firm, has made a “significant minority investment” in Chapin-based General Information Services (GIS), a provider of background screening and talent acquisition services.
General Atlantic, headquartered in New York, is partnering with GIS chairman Raymond Conrad, who will maintain a controlling stake in the company going forward, according to a GIS press release.
"We are thrilled to have General Atlantic join our company as a strategic investor and partner," Conrad said. "We look forward to leveraging the firm's renowned capabilities in technology, operational efficiency, growth acceleration, and global expansion as we continue to develop our leading background screening business around the world.
Founded in 1966, GIS initially provided background screening services to clients in the insurance industry. Since then, GIS has expanded to provide a wide variety of pre- and post-hiring services to both large and small clients in industries including government, health care, retail, financial services, and education.
Information GIS provides includes criminal history searches, employment and education verifications, credit reports, driving records, drug testing, and a variety of industry-specific screening solutions, including one of the largest criminal records databases in the nation. Additionally, GIS offers a variety of pre-employment and onboarding services such as employment tax credit screening and management programs, Form I-9 and E-verify services, platforms designed to manage applicants of all types, and assistance with compliance and risk mitigation.
GIS employs 1,100 people and also has operations in Dallas and Columbia.
“We are confident that our partnership with General Atlantic will enhance our delivery of excellent outcomes to our clients," said Albert Bueno, CEO of GIS.
In its next phase of growth, GIS will deploy additional research and development to enhance its technology tools and operations seek to provide its services new industries and markets.
"As regulatory requirements and reputational risks around the hiring process increase, companies are looking to GIS for best-in-class technology and processes to meet their compliance and screening needs," said Peter Munzig, principal at General Atlantic. "As a leading global growth investor, General Atlantic is well-positioned to elevate the GIS brand and advance the business through our unmatched resource offering, robust global network, and in-depth institutional knowledge of this industry."
As part of the investment, Munzig and Mark Dzialga, managing director at General Atlantic, will join GIS's board. General Atlantic had $19.6 billion in assets under management, as of June 30, 2016.