Breaking News: Fama Acquires Social Intelligence
Fama Acquires Social Intelligence to Deliver Most Comprehensive Online Screening Solution for Helping Employers Hire Quality Candidates
Combined Entity is Now the Largest Online Screening Company in the World
Los Angeles, CA - April 18, 2023 - Today, Fama, the innovator in online screening that makes hiring great people easy, is announcing the strategic acquisition of Social Intelligence to help companies mitigate workplace misconduct and grow their teams with the most robust online screening solution on the market. With this news, Fama is expanding its network of background screening partners by more than 75% while integrating Social Intel’s expertise and market share to build on Fama’s momentum. Leveraging the combined expertise of Social Intel’s legacy platform and Fama’s innovative approach, current and future customers will benefit from the robust reach of its screening capabilities.
“This is a groundbreaking day as two leaders in the market join forces to continue modernizing candidate screening while better supporting the hiring process,” said Ben Mones, CEO and Founder of Fama. “Social Intelligence is a pioneer in the space, and this acquisition reaffirms Fama’s position as the leader in the industry, as well as our commitment to innovation as we continue to look for ways to build out our solution and meet the evolving needs of employers, search firms, and investors around the world. Bianca and her team have built the playbook for online screening, and our collective commitment to continuity for our customers is at the core to ensure we’re continuing to deliver on our mission of helping companies navigate the complexities of the hiring process. We are excited about what’s in store as we integrate our technologies with this partnership.”
In today's volatile market, the hiring process can be particularly challenging. In fact, a new Fama study of 160 business leaders shows that more than half ranked not being able to find enough candidates with the right skills as their biggest pain point, while 52% say choosing the final candidate is their biggest business issue. And the impact of hiring the wrong candidate is also a costly issue for companies - workplace misconduct costs U.S. businesses $20B in 2021 and costs a company 6-9 months of an employee's salary to replace them, according to the Society for Human Resource Management (SHRM).
“We’re proud of what we’ve built and what we will continue to build as we enter the company’s next frontier with Fama,” said Bianca Lager, President of Social Intelligence. “We recognize that this is a pivotal time for employers, and we’re thrilled to help more companies access the best online screening capabilities in the industry. Fama is a leader with a proven track record of success, and personally, I could not be more delighted to join forces with Ben and the rest of the Fama team. Together, we’re poised for delivering excellence to customers with our continued growth.”
Fama has experienced explosive momentum, including a 160% YoY net revenue retention and 180%+ NRR amongst its background screening partners. Fama’s AI technology searches over 10,000 online public sources to detect fraudulent or illegal activities and identify extreme behaviors that are detrimental to the workplace. To date, Fama has delivered more than 45MM reports to nearly 1,200 customers, and Social Intel boasts hundreds of clients and 80 HRIS partners. With this acquisition, Fama continues to be the largest online screening solution, delivering unparalleled access to critical data to facilitate more informed hiring decisions.
For more on Fama and its offerings, visit www.fama.io
Fama is the innovator in online screening that makes hiring great people easy. Combining Fama’s groundbreaking AI technology and ability to integrate across the HR Tech stack, the solution compliantly searches 10,000 online public sources to help companies avoid workplace misconduct, prevent costly legal action and ultimately, make better decisions. By modernizing candidate screening and due diligence, Fama helps organizations, agencies, and investors improve the quality of hires, make the most of each investment and build successful businesses.
Headquartered in Los Angeles, CA, Fama is FCRA, EEOC, and SOC2 compliant and integrates with major HRIS, ATS, and background check solutions. To learn more, visit www.fama.io
About Social Intelligence
Social Intelligence provides scalable solutions for one-time or continuous search and analysis of web and social data to identify actionable employment insights and help companies leverage online data in their employment decisions. As leaders in social media screening, they are committed to providing companies with accurate, actionable insights to identify trustworthy contributors for safe and productive workplaces. For more information, visit www.socialintel.com