Treasure Hunt Complete. (Technology).Los Angeles-based US Search.com Inc. has secured $3.5 million from Pequot Ventures to continue acquiring other search companies and to expand its sales team. In exchange for the financing, Pequot Ventures received 8-percent promissory notes promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. and warrants to purchase 1.1 million shares of US Search.com common stock. US Search.com, founded in 1994, provides software for Internet-based employment screening and background checks, as well as other identity verification Noun 1. identity verification - the automatic identification of living individuals by using their physiological and behavioral characteristics; "negative identification can only be accomplished through biometric identification"; "if a pin or password is lost or and fraud prevention tools for general and corporate consumers. Pequot Ventures is the venture capital arm of Pequot Capital Management Inc. of Westport, Conn. Pequot Ventures has more than $10 billion under management. In December, US Search.com completed its acquisition of Professional Resource Screening Inc. of Concord. That deal, which involved 10 million shares of US Search.com stock and additional compensation based on the performance of Resource Screening, amounted to $14 million, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Rick Heitzmann, senior vice president of corporate development at US Search.com. Last week, US Search.com's stock, which is listed on Nasdaq under the symbol SRCH SRCH Search SRCh State Registered Chiropodist SRCH Searching , was trading at $1.35 a share. Heitzmann said the company has its eye on several more companies to acquire, but declined to name them. Besides funding acquisitions and hiring salespeople sales·peo·ple pl.n. Persons who are employed to sell merchandise in a store or in a designated territory. , other uses of the new venture money will be arranging partnerships that could involve bundling US Search.com's background-checking capabilities with other employment screening processes, such as drug and psychological testing psychological testing Use of tests to measure skill, knowledge, intelligence, capacities, or aptitudes and to make predictions about performance. Best known is the IQ test; other tests include achievement tests—designed to evaluate a student's grade or performance . |
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