FINANCIALS: US ClearStar reveals rise in revenues

US background checking firm ClearStar has seen revenues rise 11% year-on-year, according to its 2017 results.

Released this morning, the results show the technology and service provider to the background check industry posted revenues of $17.8m (£12.39m) in 2017, up from $16m in 2016, which the group attributes to an increase in the number of direct clients and a strong uptake of its technologically-differentiated medical information services.

The firm’s management said they believe 2018 will be a pivotal year, which the group has begun with a stronger client base and infrastructure, as well as increased sales momentum.

Elaborating on the group’s performance, ClearStar CEO Robert Vales said: “In 2017 we delivered another year of growth as we experienced increased demand for our products and solutions from both direct service and channel partner clients. 

“During the year we also laid the foundations for accelerated future growth through enhancing our sales and marketing efforts and achieving integration with SAP SuccessFactors® Recruiting – adding a significant new route-to-market for direct services.

“Consequently, we believe 2018 is poised to be a pivotal year for ClearStar… We are receiving sustained demand for our medical information services, which is expected to continue to be the largest contributor to revenue. Additionally, there is an increasing interest in our solutions targeted at the on-demand labour market. The new direct customers won last year are being successfully on-boarded, and we anticipate a ramp up in revenue from them this year.”

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