Partnership Based on Strength of PSI’s Superior Business and Financial Performance
Burbank, CA — March 2, 2015 – PSI Services LLC (“PSI” or the Company), a worldwide, industry-leading professional testing services provider to corporations, Federal and State government agencies, professional associations and certifying bodies today announced that it has entered into a partnership with Waud Capital Partners (“WCP” or Waud Capital), a leading middle-market private equity firm.
PSI provides various solutions through its multiple business channels including talent assessments (of job-seeking candidates as well as employee development programs), licensure testing and license management services (for government regulatory agencies) and certification credentialing services (for professional associations). PSI offers clients various solutions to measure, assess and identify the skills, abilities, traits and identities of individuals seeking jobs, licensure or certification credentials.
Stephen Tapp, PSI’s Chief Executive Officer, noted, “Based on the excellent growth and diversity of PSI’s business portfolio, combined with its superior financial performance over the past four years, Waud Capital has made a significant equity investment in the company. The interest of such a highly respected financial partner is a real testimony to our management team, our client and partners worldwide and our future growth strategy for high-stakes testing and assessment solutions. We are excited about our new partnership with Waud Capital, building on our continued commitment to providing the best possible customer service, world- class technology and expanded solution offerings.”
Matt Clary, Partner at Waud Capital commented, “We are in the business of creating long-term value. We do it with a clear focus and vision. We look to partner with talented executives possessing successful track records of building market-leading companies with diverse business portfolios and global infrastructures. We are thrilled to partner with the PSI team and we have significant equity capital available to support and enhance the Company’s service offering and continue building the business. PSI is an exceptional platform and we look forward to a partnership full of exciting growth potential.”
“Today’s changing testing environment calls for solutions that are flexible; testing anywhere, anytime, accurately and reliably to serve test takers, test owners and the public and private sector” said Tapp. “Our client-centric focus has served PSI well, by creating real measurable value for our clients. We have grown our user base and testing volume by more than 300% in the last four years allowing PSI to deliver a full lifecycle of services faster, better and cheaper than other providers in the industry. We look forward to continuing this growth with our new equity partner.”
David Lowenberg, Executive Partner at WCP who will join the Board of PSI as Executive Chairman, added, “I welcome the opportunity to work with Steve Tapp and his management team to continue PSI’s success in servicing its clients, adding to its value proposition and growing the business.”
About PSI Services LLC
PSI Services LLC has over 65 years of experience providing worldwide testing solutions to corporations, Federal and State government agencies, professional associations and certifying bodies. PSI offers a comprehensive solutions approach from test development to delivery to results processing, including pre-hire employment selection, managerial assessments, licensing and certification tests, license management services and professional services.
For additional information on PSI, visit www.psionline.com.
About Waud Capital Partners
Waud Capital Partners is a private equity investment firm founded in 1993 that partners with exceptional management teams to invest in middle-market growth equity investments, buyouts, industry consolidations, and recapitalizations. The firm seeks to invest $20 million to $100 million in private companies and focuses on healthcare services and business and related services. Typically, the companies in which WCP invests have enterprise values between $30 million and $300 million. The firm has successfully completed more than 160 investments since its founding and currently has approximately $1 billion of capital under management.
For additional information on WCP, visit http://waudcapital.com.
For Further Information:
Greg Becker, Executive Vice President
PSI Services LLC