Intelius May Revisit IPO After Shelving It in 2010, CEO Says
Intelius Inc., an online company that sells background and pre-employment screening reports, may revisit an initial public offering next year after canceling an IPO in 2010, Chief Executive Officer Naveen Jain said.
The Bellevue, Washington-based company filed for a $143.8 million initial share sale in January 2008. It withdrew the offering in October 2010 because the market wasn’t good, said Jain, the company's founder.
“We will look at it next year, second quarter or third quarter,” Jain said last week during an interview in New York. “That’s probably a decent time.” Intelius would use the proceeds from an IPO for acquisitions, he said.
Intelius compiles public data for individuals and companies. It also owns Talentwise.com, a site that allows employers to check potential employees’ social security numbers, educational history and check criminal records. Since Intelius’s inception in 2003, more than 8 million customers have used its services, according to the company’s website.
Revenue last year was $150 million, Jain said. Sales at Talentwise grew 50 percent, while Intelius.com, the consumer- focused site, reported 20 percent sales growth. Earnings before interest, taxes, depreciation and amortization, a measure of profitability known as Ebitda, represented about 25 percent of total revenue, or $37.5 million, he said.
Jain said he owns 15 percent of Intelius and is the largest shareholder.
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