Patriot National Inc., a provider of technology and outsourcing solutions within the P&C marketplace, has announced it will acquire Global HR Research (GHRR), which offers pre-employment background screening, assessment and acquisition solutions. According to Patriot National, the acquisition will augment its offerings, which include general agency services, claims administration, technology outsourcing, software solutions, specialty underwriting, employer and policyholder services. The total purchase price will be $24 million in cash and $18 million in stock.
The integration of Patriot National’s distribution platform with GHRR’s products and services will create cross-selling opportunities, lower business costs and improve front-end risk management for Patriot National’s more than 27,000 clients that include insurance companies, employers, local governments and reinsurance captives, according to the company, headquartered in Fort Lauderdale, Florida.
“Risks in the modern business environment have made pre-employment background screening nearly as essential as workers compensation insurance coverage for employers large and small,” said Steven M. Mariano, chairman and CEO of Patriot National. “Just as our Contego group provides fraud investigation after claims are reported, GHRR will assist our clients in managing risk up-front, leading to safer and more profitable workplaces.”
GHRR president and CEO Brandon G. Phillips said the combination of Patriot National’s and GHRR’s solutions will be a “one-stop shop for employers seeking to manage their risk management programs. Our team looks forward to introducing GHRR’s products and services to our now much broader client base.”
GHRR, based in Fort Myers, Florida, has been recognized for the past five years in HRO Today Magazine’s “Bakers Dozen” List of top national background screening providers, according to Patriot National. GHRR is accredited by the National Association of Professional Background Screeners (NAPBS) as recognized by the Background Screening Credentialing Council (BSCC).
The transaction is expected to close on or before August 25, 2015.
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