Atlanta, GA (PRWEB) May 31, 2006
PreVisor, a leader in workforce selection and performance, today announced that it has acquired Brainbench, Inc., an innovator in employment testing and skills certification. The acquisition strengthens PreVisor’s position as the leading online provider of job-specific, pre-employment assessments by adding Brainbench's world-renowned IT skills testing content to its library, expanding its market penetration, and increasing its strong foothold in the government sector with accounts such as the Department of Homeland Security and U.S. Department of State. The acquisition also gives PreVisor entry into the consumer skills testing market where Brainbench has provided over 5.5 million members with access to its testing and certification programs to measure and improve their skills.
The acquisition of Brainbench is the second transaction within the past year for PreVisor, the first being its formation in August 2005 through the combination of Qwiz, ePredix, and PDRI. With this latest acquisition, PreVisor will stay true to its mission, joining with Brainbench in a combined commitment to maximize the predictive ability of its employee assessments by adhering to the rigorous scientific standards of industrial-organizational psychology. PreVisor is a leading employer of industrial-organizational psychology specialists, with more than 60 holding a master or doctorate degree in the discipline.
"We are very pleased to become part of the PreVisor family of companies,” says Mike Russiello, president, CEO and co-founder of Brainbench, based in Chantilly, Virginia. "PreVisor and Brainbench share a common vision, having seen first hand the improvements in business results employers gain by using objective and predictive employee assessments in the early stages of the hiring process. We now join forces to help employers maximize this benefit with a broader solution.”
Noel Sitzmann, CEO of PreVisor stated, "In line with our very focused acquisition strategy, the addition of Brainbench's IT testing content will supplement PreVisor's job-specific predictive hiring solutions and broaden an already large library of job titles." As a result, both organizations will now be able to offer clients the most comprehensive solutions for predicting employee performance. Sitzmann adds, “We are proud to bring Brainbench into the PreVisor family of companies and anticipate great things from the addition of Mike Russiello, Bill Lake and Mike Littman, Brainbench’s founders, to PreVisor’s management team."
PreVisor is a portfolio company of Veronis Suhler Stevenson, a private equity and mezzanine capital fund management company dedicated to investing in the media, communications, information and education industries in North America and Europe. "We are very pleased to complete this acquisition, which clearly extends PreVisor’s leadership position in online testing and assessment,” said Michael B. Kessler, a Managing Director of Veronis Suhler Stevenson.
PreVisor, a leading supplier of pre-employment assessments helps employers identify top performers. The company leverages decades of applied organizational psychology research to develop content that accurately predicts on-the-job performance. Furthermore, its solutions help streamline and standardize hiring processes and reduce recruiting and training costs to better meet strategic HR objectives. PreVisor's award-winning assessments, solutions and consulting support hiring decisions and maximize performance for over 40,000 clients worldwide.
Brainbench helps clients test, track, and improve their employees' vital job characteristics, using the industry's largest ISO 9001-2000 library of tests. Brainbench’s online assessment solutions improve hiring, retention, training, customer satisfaction, and profitability for organizations such as Advance Auto Parts, British Telecommunication, Citigroup, IBM, Manpower, OPM, TEKsystems, the U.S. Army and Wells Fargo. Brainbench has served over 5.5 million consumer members with more than 500 skills test and certifications that help individuals measure and obtain certification for skills that are in high demand. For more information, visit http://www.brainbench.com.
About Veronis Suhler Stevenson
Veronis Suhler Stevenson (http://www.vss.com) is a private equity and mezzanine capital fund management company dedicated to investing in the media, communications, information and education industries in North America and Europe. VSS provides capital for buyouts, recapitalizations, growth financings and strategic acquisitions to companies and management teams with a goal to build companies both organically and through a focused add-on acquisition program. To date, VSS equity and mezzanine funds have invested in 42 platform companies, which have in turn completed over 200 add-on acquisitions resulting in a portfolio with realized and unrealized enterprise values totaling approximately $9.1 billion.
This press release was distributed through eMediawire by Human Resources Marketer (HR Marketer: http://www.HRmarketer.com) on behalf of the company listed above.