NEW YORK, Feb. 4, 2013 /PRNewswire/ -- Spire Capital, a leading lower middle market focused private equity firm specializing in investments in the business services, information services, education, media and communications sectors, today announced the acquisition of Performance Assessment Network ("pan" or the "Company"), a leading technology-enabled provider of human capital management assessment solutions. Spire Capital and pan management have acquired all of the issued and outstanding stock of pan from Equifax Workforce Solutions, a subsidiary of Equifax Inc.
Founded in Carmel, Indiana in 2000, pan is a software provider of assessment solutions that allow its customers to more effectively and efficiently evaluate workforce recruits. The Company offers a comprehensive online catalog of professionally developed talent assessments including content from more than 50 leading publishers as well as proprietary content web-enabled for customers. pan services a growing base of more than 2,500 clients by providing convenient online delivery of talent assessments leveraging their best-in-class technology platform in both remote as well as proctored testing environments through an expansive network of more than 600 test centers across the United States.
"I am very excited to be leading pan as we enter this phase of significant growth," said Doug Cole, Chief Executive Officer of pan. "Our goal has always been to provide the best quality content, superior technology and the highest level of service to our customers. Partnering with Spire will provide the strategic focus and resources to fuel our growth in the coming quarters and years."
"Today's organizations view human capital as an asset to be developed and optimized," said Bruce Hernandez, Partner of Spire Capital. "We absolutely embrace this line of thinking and believe pan is perfectly positioned to benefit from our partnership which will leverage the Company's unique technology platform, publisher agnostic assessment catalog and vast test center network to grow with both new and existing customers. Spire brings significant industry expertise to the partnership and looks forward to working with the team at pan to accelerate growth."
About Performance Assessment Network
Performance Assessment Network (pan) is the leading global provider of online talent assessments and testing technology solutions that aid both corporate and government organizations in hiring and growing top talent. Founded in 2000, pan offers a single point of access to the most diverse collection of online talent assessments available including 100's of professionally developed employment tests from more than 50 of the most respected publishers in the industry. With a technology platform that sets the standard for online testing innovation and security, pan delivers millions of talent assessments annually in both remote and proctored environments leveraging its vast testing center network of more than 600 convenient locations. For more information, please visit www.panpowered.com.
About Spire Capital Partners
Founded in 2000, Spire Capital is an active and experienced private equity firm with an investment focus in companies within the business services, information services, media, education and communications sectors. Spire Capital leads buyout investments in its areas of expertise and believes its deep industry experience and network of relationships are invaluable in helping its portfolio companies to grow and succeed. Spire Capital is currently investing out of its second fund of $320 million. For more information please visit www.spirecapital.com.
SOURCE Spire Capital Partners