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Solera Holdings, Inc. Acquires CarweB Limited; Acquisition Will Strengthen Vehicle Data and Decision Support Capabilities in the UK
By: PR Newswire
Dec. 7, 2012 05:00 AM
WESTLAKE, Texas, Dec. 7, 2012 /PRNewswire/ -- Solera Holdings, Inc. (NYSE: SLH), the leading global provider of software and services to the automobile insurance claims processing industry, today announced that it has acquired 100% of the outstanding shares (the "Acquisition") of CarweB Limited ("CarweB").
CarweB is a provider of vehicle history and vehicle-specific technical data products and services to the UK market. CarweB's robust platform is relied upon by a wide range of customers including parts suppliers, collision and service repair shops, automobile dealerships, manufacturers, insurers, financial institutions and, through its B2C platform, consumers. CarweB's solutions enable its customers to more effectively make both car and car parts purchasing decisions. CarweB's strong customer relationships, data and innovative product features will allow Solera to continue to enhance its value proposition, expand its customer base in the part supplier, automobile dealer and service repair shop segments and provide further diversification of its business mix.
"CarweB complements and further strengthens our Audatex and HPI platforms in the UK. We are confident that CarweB will drive greater synergies between these platforms to better serve our customers. CarweB's robust data solutions and strong industry relationships will enable us to continue to leverage our current customers segments in the UK market and expand into adjacent customer segments, such as part suppliers and service repair shops," said Tony Aquila, Solera's Founder, Chairman and Chief Executive Officer. "I am also pleased to welcome a management team that has a proven track record of bringing innovative, high-ROI products to market and whose entrepreneurial culture aligns well with Solera."
Solera is the leading global provider of software and services to the automobile insurance claims processing industry. Solera is active in over 60 countries across six continents. The Solera companies include Audatex in the United States, Canada, and in more than 45 additional countries, Informex in Belgium and Greece, Sidexa in France, ABZ and Market Scan in the Netherlands, HPI in the United Kingdom, 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, and Explore providing data and analytics to United States property and casualty insurers. 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 enhancements to our value proposition and our existing product platforms, customer expansion and penetration and diversification of our business; the benefits and value of CarweB's products and services to customers and the Solera Group; and statements about CarweB's historical results that may suggest trends for its business. 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 our 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 successfully integrating CarweB and its employees; risks associated with the uncertainty in and volatility of economic conditions in the UK and globally; effects of competition on our product and service pricing and our business; time and expenses associated with customer adoption and switching customers to new software and services; effects of changes in or violations by us or our customers of government regulations; rapid technology changes in our industry; our reliance on third-party data or products; and effects of security breaches on our business and reputation. 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, 2012. 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.
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