ST. PETERSBURG, Fla., Jan. 5 -- First AdvantageCorporation (Nasdaq: FADV), a global risk management solutions provider, todayannounced the acquisition of Phoenix-based Quantitative Risk Solutions LLC (QRS), a privately owned consulting firm specializing in cargo loss risk mitigation. The purchase creates a new and innovative international business line for the company.
Annual supply chain losses due to in-transit theft are estimated at$50 billion internationally and $12 billion domestically. QRS offers Fortune500 companies a solution to this growing problem using sophisticated financialanalysis that quantifies cargo exposure during shipping. Based on thisanalysis, QRS recommends solutions that combine insurance and security programs to maximize cargo security.
The company also assists clients withcarrier selection, cargo routing, loss liability negotiations andimplementation of United States government programs, including the CustomsTrade Partnership Against Terrorism. QRS clients have shown year over yearreductions in transit losses and insurance premiums as a result of program implementation.
"The addition of QRS to our portfolio demonstrates First Advantage'scommitment to our vision of leadership in enterprise risk managementglobally," said John Long, chief executive officer of First Advantage Corporation. "QRS' innovative approach to worldwide supply chain securityissues presents a unique opportunity for First Advantage to service largecorporations in their international transactions."
"I am pleased to be part of this growing, dynamic company and look forwardto realizing QRS' full potential, both domestically and abroad," said DanPurtell, president of QRS. Purtell will head up this business line for FirstAdvantage.