Checkr

Killer eng/product team. Grew super duper fast early on, with a lot of great people, especially within the eng team. Ownership of the on-demand market. The CTO is an awesome guy, and they have built a good leadership team.

Commodity: The background check is a commodity, and market leaders are now copying the Checkr API and beginning to take customers. I don't see Checkr winning deals outside of on-demand because they outsource processes like the county search, where market leaders are making strides to do this in-house. Their approach of getting out of the "on-demand" space is simply not working. They rely on one customer that makes up about 70% of their revenue, and that gap isn't getting any smaller.

Customer Success/Sales: It seems like politics drove out some good folks in this department. They won deals years ago because no competitor had an API. Now that others are coming to market with the same thing, they are starting to lose business. Additionally, the sales leadership is very misguided. There has been a ton of turnover for a product that seemingly sells itself. From what I've heard, the sales leader is more or less a bully.

Exit Options: No Consumer Reporting Agency has ever gone public. Their revenue is very unhealthy (think 90% of revenue from 3 customers). They are too big / raised too much to sell, and no one wants to buy a CRA outside of a P/E firm (according to history).

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