According to a report by the Wall Street Journal on WSJ.com, insurance conglomerate Marsh & McLennan Cos. Inc. has agreed to sell its corporate-intelligence unit Kroll to global security firm Altegrity Inc. for $1.13 billion.
Altegrity started in 1996 as U.S. Investigations Services (U.S.I.S.) when the government privatized the business of security clearance background investigations, WSJ.com reports, and in 2007 Providence acquired the company for $1.5 billion and renamed it Altegrity. Altegirty also owns another screening firm called HireRight, according to a story on DailyFinance.com.
In 2004, Marsh & McLennan paid $1.9 billion in cash for Kroll, a company that helped pioneer the corporate investigations and security business, but WSJ.com reports that the insurer has sold off smaller pieces of Kroll recently to focus on its insurance and consulting businesses, with the sale to Altegrity completing the divestiture.
Altegrity, a company that performs U.S. government employee background checks and consults foreign governments on counterinsurgency techniques, is owned by private-equity firm Providence Equity Partners, according to WSJ.com.