HireRight, Inc. (NASDAQ: HIRE) is going private and shares are surging as a result. The company has entered into an agreement to be acquired by US Investigations Services, LLC, a Delaware limited liability company and Hercules Acquisition Corp. Under this buyback shares shall be canceled and converted automatically into the right to receive $15.60 in cash, without interest.

The merger is subject to regulatory approval and subject to shareholder approval. As far as how this compares to shareholders, HireRight's 52-week trading range is $8.00 to $15.15. Shares closed at $10.47 yesterday, giving this a near 50% premium. This stock has been public since last summer.

On last look with an hour to the open it looks like about 26,000 shares had traded hands and the last seen print was at $15.25.

MOST NOTEWORTHY: Quicksilver Gas Services, Hireright, DaimlerChrysler and Masimo were today's noteworthy initiations:

• AG Edwards initiated Quicksilver Gas Services (NYSE: KGS) with a Buy rating and $26 target as the firm believes the company's distribution growth has high visibility, based on its current asset base and the possibility of third-party acquisitions. UBS initiated shares with a Buy rating and $34 target.
  
• Hireright (NASDAQ: HIRE) was initiated with a Market Perform rating and $13 target at Piper Jaffray, as the firm believes the company's distribution growth has high visibility, based on its current asset base and the possibility of third-party acquisitions. CIBC is positive on Hireright's extensive solution set and strategic alliances and initiated shares with a Sector Outperformer rating.
  
• DaimlerChrysler (NYSE: DAI) was started at Bear Stearns with an Outperform rating. Following the Chrysler transaction, Bear expects Daimler to raise its margin guidance now that the company can focus on its truck platform.
  
• Masimo Corporation (NASDAQ: MASI) was initiated with an Outperform rating at Piper Jaffray, as the firm believes the company's "best in class" technology will drive continued pulse oximetry share gains. Cowen initiated shares with a Neutral rating on valuation and Deutsche Bank started shares with a Buy rating and $30 target..

OTHER INITIATIONS:

• TD Newcrest started shares of Vitran Corporation (NASDAQ: VTNC) with a Hold rating.
  
• Lazard started shares of E-House China Holdings (NYSE: EJ) with a Buy rating; CIBC initiated shares with a Sector Outperformer rating and $25 target.
  
• Rodman & Renshaw initiated shares of Iomai Corporation (NASDAQ: IOMI) with a Market Outperform rating and $4.25 target.

HireRight, an online employment screener, processed 4.8 million searches in 2006 through a Web-based system.

Well, this week, the company filed to go public.

It's definitely a growing business. From 2003 to 2005, revenues increased from $21.1 million to $43.1 million.

The market size is roughly $4 billion and there is tremendous fragmentation (more than 1,000 screening firms). There are are many growth drivers: employee theft, workplace violence, negligent hiring suits, and fraudulent resumes.

Expect the IPO to hit the market in early summer. The proposed ticker symbol is HIRE.

Also, you can check out the prospectus at the SEC Web site.

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.