Acquisition Adds to Solera’s Risk and Asset Management Portfolio
WESTLAKE, Texas, Dec. 15, 2014 /PRNewswire/ — Solera Holdings, Inc. (“Solera”, “we”, “us” or “our”) (NYSE: SLH), a leading provider of risk and asset management software and services to the automotive and property marketplace, including the global P&C insurance industry, today announced that it has acquired 100% of the equity interests (the “Acquisition”) of IBS Automotive s.r.o. (“IBS” or the “Company”). IBS is a leading provider of vehicle valuation data in the Czech Republic and Slovakia.
IBS’s data-driven solutions are used by insurance companies in the Czech Republic and Slovakia to establish vehicle valuation at the claim stage and by banks and leasing companies during the loan approval process and to establish residual values. Further, combining vehicle valuation data with other proprietary Solera offerings will enable Solera to offer unique, high-ROI underwriting solutions to its insurance customers.
“Vehicle valuation is an important input for vehicle purchase, insurance, financing and repair decisions. The Acquisition positions us to leverage our recently-acquired CAP Automotive assets and customer base and power new solutions,” said Tony Aquila, Solera’s founder, Chairman and Chief Executive Officer. “IBS data will allow our customer’s customers to make informed decisions regarding their automotive assets based upon total cost of ownership.”
Solera is a leading provider of risk and asset management software and services to the automotive and property marketplace, including the global P&C insurance industry. Solera is active in over 70 countries across six continents. The Solera companies include: Audatex in the United States, Canada, and in more than 45 additional countries; HPI, CarweB and CAP Automotive in the United Kingdom; Informex in Belgium and Greece; Sidexa in France; ABZ and Market Scan in the Netherlands; Hollander serving the North American recycling market; AUTOonline providing salvage disposition in a number of European and Latin American countries; IMS providing medical review services; Explore providing data and analytics to United States property and casualty insurers; Service Repair Solutions, a joint venture with Welsh, Carson, Anderson & Stowe, that provides solutions for the service, maintenance and repair market; and I&S, a provider of software and business management tools, third-party claims administration, first notice of loss and network management services to the U.S. auto and property repair industries, specializing in glass claims. For more information, please refer to the company’s website at http://www.solerainc.com.
Cautions about Forward-Looking Statements
This press release contains forward-looking statements, including statements about: the benefits of the Acquisition, including the facilitation of various Solera solutions, such as underwriting solutions for our insurance company customers, and the geographic expansion of CAP Automotive; and the benefits and value of products and services to Solera’s and IBS’ customers and their customers’ customers, either alone or in conjunction with the products and services of other Solera group companies. These statements are based on our current expectations, estimates and assumptions and are subject to many risks, uncertainties and unknown future events that could cause actual results to differ materially. Actual results may differ materially from those set forth in this press release due to the risks and uncertainties inherent in transactions of this nature, our business and IBS’ business, including, without limitation: the failure to realize the expected benefits of the Acquisition; risks associated with and possible negative consequences of acquisitions, investments, joint ventures and similar transactions, including regulatory matters, successfully integrating IBS’ solutions with or into other Solera offerings and integrating IBS’ employees; successful integration of acquired businesses that operate in industries outside of our core market; we may not expand IBS’ business or introduce its solutions to markets outside the Czech Republic or Slovakia; and we may not successfully expand CAP Automotive’s business into the Czech Republic or Slovakia. For a discussion of these and other factors that could impact our operations or financial results and cause our results to differ materially from those in the forward-looking statements, please refer to our filings with the Securities and Exchange Commission, particularly our Quarterly Report on Form 10-Q for the Quarter Ended September 30, 2014. Solera is under no obligation to (and specifically disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.