Another HCM Vendor Files To Go Public (Sort Of)

HireRight, one of the leading employment screening vendors, has filed to go public.  The S-1 can be viewed here.  I have heard this rumor for a number of months now.  This now makes two HCM vendors that have filed to go public over the past few months (the other being Salary.com).  Three interesting things to note from the S-1 filing.  First, they are attempting to raise about $86 million which is a significant amount of capital in this market.  Second, Hewitt owns approximately 6.7% of the company.  Third, the company is healthy and quite profitable. 

I am a big fan of HireRight.  Not only have they built a strong business, including robust channels in talent management and HRO, they are also good guys.  HireRight has marketed themselves in the S-1 as an on-demand/SaaS vendor and it will be interesting if this positioning warrants a premium similar to other publicly-traded SaaS vendors (Salesforce.com withstanding).  The stock is targeted to trade under the symbol HIRE.

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[Bill Kutik]

Your older readers may remember that HIRE was originally the stock symbol of MicroTrac/Restrac/Webhire when it went public in the late 90's before being taken private again and recently acquired by Kenexa. At the time Hire.com founder Hank Stringer was quite upset that CEO Lars Perkins had been clever enough to grab the symbol. Of coure, Hire.com never needed it, resting comfortably now in the arms of Authoria.