Florida-based First Advantage Corporation, a national provider of enterprise and consumer screening solutions, announced its acquisition of Omega Insurance Services, also headquartered in St. Petersburg, Fla.
Omega conducts fraud investigations for insurers, third-party administrators and self-insured employers nationwide. Omega’s investigative services, which will add a new business line to First Advantage’s portfolio of services, are expected to generate in excess of $20 million in revenue in 2004.
Founded in 1996 by owners Tim Fargo and Richie Taffet, Omega is a private investigation firm licensed across the United States that currently employs more than 200 full-time field investigators in addition to an in-house staff of more than 100 employees in St. Petersburg. Omega serves its clients by detecting and exposing workers’ compensation, disability and liability insurance fraud through surveillance and other investigative activities.
John Long, chief executive officer and president of First Advantage noted, “Our company is evolving with the addition of Omega’s reputable investigative services. First Advantage’s business lines have historically relied on public record data and other archived data sources to provide the information required to aid our clients in their decision-making. The addition of Omega not only allows us to enter new risk management markets, but it also provides a higher level of comprehensive screening services to employers, property managers and insurers.”
Omega’s management team will retain responsibility for the newly formed Investigative Services division of First Advantage.
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