IRVINE, Calif./June 25, 2002 - HireRight, Inc., the leading Web-based background screening provider, and Comerica (NYSE: CMA), a leading financial services company, announced today that Comerica’s Technology and Life Sciences Division has provided the Irvine-based company with a $2 million revolving credit facility.
"HireRight has been an innovator in the field of human resources since its inception, and we are pleased to assist the company achieve its financial goals with this credit facility," said Bonnie Kehe, senior vice president and manager with Comerica’s Technology and Life Sciences Division in Orange County. "We are committed to providing a full range of banking services to local venture-backed companies at all stages of their lifecycle. We certainly have the resources available to meet our portfolio companies’ expanding needs."
Founded in 1995, HireRight developed the industry’s first Internet-based background screening application, which was launched five years ago. The company’s employment screening services - which include background screening, drug screening and skills assessment - provide employers with a 360-degree view of candidates’ history both within and outside of the workplace. HireRight completed its second equity funding round in April 2002, bringing its total financing to more than $22 million.
"Comerica’s Orange County team understands our business and they have always helped us find creative solutions to our financing needs," said Eric Boden, HireRight’s president and CEO. "We feel confident that Comerica has the expertise and resources we’ll need as we continue to grow."
About HireRight
HireRight is the leading provider of Internet-based background screening and pre-employment services. The company’s background verification, drug screening, skills assessment and behavioral assessment tools enable organizations worldwide to consistently hire the best candidates. Many of the world’s most successful companies have selected HireRight due to its technologically advanced, industry leading offering and superior customer service. By selecting HireRight, human resources and security professionals worldwide gain the peace of mind associated with partnering with the industry leader, while enjoying the convenience of working with a single background screening provider. Additional information about the company is available at www.hireright.com.
About Comerica’s Technology and Life Sciences Division
Comerica’s Technology and Life Sciences Division is one of the nation’s leading technology banking practices, offering a wide range of financial services tailored to corporate customers, entrepreneurs and professionals. Veteran bankers provide credit and financial services and products to young, growing, professionally backed technology and life sciences companies, as well as their more mature counterparts in the computer products, Internet services, telecommunications, life sciences and e-commerce industries. From 19 offices located across the U.S., Comerica’s Technology and Life Sciences Division serves all major technology centers. Comerica is among the 20 largest banking companies in the nation, with $50 billion in assets.
Media Contacts:
Deborah Jones
Strategies PR (for HireRight)
(714) 957-8880 x113
deborah@strategiesadpr.com
or
Adrienne Moch
Pacifico (for Comerica’s Technology and Life Sciences Division)
(408) 293-8600 x319
amoch@pacifico.com
or
Keith Turner
Comerica Bank-California
(408) 556-5111
keith_turner@comerica.com
