|By PR Newswire||
|April 7, 2014 08:30 AM EDT||
WESTLAKE, Texas, April 7, 2014 /PRNewswire/ -- Solera Holdings, Inc. ("Solera", "we" or "our") (NYSE: SLH), a leading global provider of software and services to the automobile insurance claims processing and decision support industries, today announced that we have purchased 100% of the equity interests of the AutoPoint companies (together, "AutoPoint") from Service Repair Solutions, Inc. ("SRS"), pursuant to Solera's rights under the definitive SRS joint venture agreements signed with an affiliate of Welsh, Carson, Anderson & Stowe ("Welsh Carson"). SRS is a joint venture between a subsidiary of Solera and Welsh Carson, a leading private equity firm (the "Joint Venture").
The AutoPoint platform leverages a proprietary database of more than 100 million repair orders and 55 million completed inspections to enhance drivers' service, maintenance and repair experiences at over 1,000 North American auto dealers. Since the closing of the Joint Venture in November 2013, and with the active support of Welsh Carson, Solera has cross-pollinated our principles and operating discipline into AutoPoint to rapidly drive financial and operational improvements in the business.
We believe that our purchase of AutoPoint will unlock incremental value for our stockholders by:
- Securing 100% of future growth in AutoPoint's profitability and cash flows for Solera's stockholders;
- Capturing an approximate 9% reduction to the purchase price multiple for SRS (assuming Solera ultimately acquires 100% of SRS pursuant to the terms of the definitive SRS Joint Venture agreements); and
- Providing Solera with a platform to expand its presence in the $285 billion global service, maintenance and repair market.
"Our focus on the AutoPoint business and the adoption of the Solera Way by AutoPoint's management team have created significant business momentum. Since November 2013, we have taken AutoPoint from a negative to a positive Adjusted EBITDA margin, and we are excited to have full ownership of AutoPoint," said Tony Aquila, Solera's founder, Chairman and Chief Executive Officer. "Our expansion into service maintenance and repair aligns with our leverage, diversify and disrupt strategy and provides an exciting new platform for our ongoing global expansion."
Solera is a leading global provider of software and services to the automobile insurance claims processing and decision support industries. Solera is active in more than 65 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; Explore providing data and analytics to United States property and casualty insurers; and Service Repair Solutions, a joint venture with Welsh, Carson, Anderson & Stowe, that provides solutions for the service, maintenance and repair market. For more information, please refer to the company's website at http://www.solerainc.com.
About Welsh, Carson, Anderson & Stowe
Welsh, Carson, Anderson & Stowe focuses its investment activity in two target industries, information/business services and healthcare. Since its founding in 1979, the Firm has organized 15 limited partnerships with total capital of $20 billion. WCAS has a current portfolio of approximately thirty companies. The Firm seeks to (i) buy growth businesses in its two core industries, (ii) partner with outstanding management teams and (iii) build value through a combination of operational improvements, internal growth initiatives and strategic acquisitions. The Firm is currently investing from its eleventh equity fund, Welsh, Carson, Anderson & Stowe XI, L.P. See www.welshcarson.com to learn more.
Cautions about Forward-Looking Statements
This press release contains forward-looking statements, including statements about: the value and benefits of AutoPoint's products and services to customers, both alone and in combination with our other products and services; the expected growth in AutoPoint's business, thus providing additional profitability and cash flow to our stockholders; our potential future acquisition of 100% of the outstanding interests in SRS; our expectation that the AutoPoint acquisition will reduce the purchase price multiple we pay to acquire 100% of SRS; and our continued expansion into the service, maintenance and repair market. 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 to transactions of this nature, AutoPoint's business and our business, including, without limitation: the failure to realize the expected benefits from our Joint Venture with Welsh Carson or our investment in or any subsequent acquisition of SRS; our inability to successfully integrate the AutoPoint or SRS businesses, including AutoPoint's and SRS's existing employees, infrastructure and service offerings, with our existing businesses at reasonable cost, or at all; AutoPoint's current lack of business operations outside of North America; risks associated with and possible negative consequences of acquisitions, investments, joint ventures (including SRS) and similar transactions; our reliance on a limited number of customers for a substantial portion of our revenues; effects of changes in or violations by us or our customers of government regulations; effects of competition on our and SRS's product and service pricing and our and SRS's business; our ability to obtain additional financing as necessary to support our business or operations; risks associated with operating in multiple countries, including regulatory, political and exchange rate risks; rapid technology changes in our industry; and effects of security breaches on our business and reputation; and risks related to business expansion beyond SRS's and our core products and services. For a discussion of these and other factors that could impact our business, 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 December 31, 2013. We are under no obligation to (and specifically disclaim any such obligation to) update or alter our forward-looking statements whether as a result of new information, future events or otherwise.
SOURCE Solera Holdings, Inc.
Peak 10, Inc., has announced the implementation of IT service management, a business process alignment initiative based on the widely adopted Information Technology Infrastructure Library (ITIL) framework. The implementation of IT service management enhances Peak 10’s current service-minded approach to IT delivery by propelling the company to deliver higher levels of personalized and prompt service. The majority of Peak 10’s operations employees have been trained and certified in the ITIL frame...
Apr. 29, 2016 07:30 AM EDT Reads: 797
As the rapid adoption of containers continues, companies are finding that they lack the operational tools to understand the behavior of applications deployed in these containers, and how to identify issues in their application infrastructure. For example, how are multiple containers within an application impacting each other’s performance? If an application’s service is degraded, which container is to blame? In the case of an application outage, what was the root cause of the outage?
Apr. 29, 2016 07:00 AM EDT Reads: 767
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
Apr. 29, 2016 05:45 AM EDT Reads: 2,394
SYS-CON Events announced today TMCnet has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Technology Marketing Corporation (TMC) is the world's leading business-to-business and integrated marketing media company, servicing niche markets within the com...
Apr. 29, 2016 04:45 AM EDT Reads: 2,342
Between the mockups and specs produced by analysts, and resulting applications built by developers, there exists a gulf where projects fail, costs spiral, and applications disappoint. Methodologies like Agile attempt to address this with intensified communication, with partial success but many limitations. In his session at 18th Cloud Expo, Charles Kendrick, CTO & Chief Architect at Isomorphic Software, will present a revolutionary model enabled by new technologies. Learn how business and devel...
Apr. 29, 2016 03:45 AM EDT Reads: 1,641
Unless you don’t use the internet, don’t live in California, or haven’t been paying attention to the recent news… you should be aware that self-driving cars are on their way to becoming a reality. I have seen them – they are real. If you believe in the future reality of self-driving cars, then continue reading on. If you don’t believe in the future possibilities, then I am not sure what to do to convince you other than discuss the very real changes that will roll out with the consumer producti...
Apr. 28, 2016 09:45 PM EDT Reads: 368
If there is anything we have learned by now, is that every business paves their own unique path for releasing software- every pipeline, implementation and practices are a bit different, and DevOps comes in all shapes and sizes. Software delivery practices are often comprised of set of several complementing (or even competing) methodologies – such as leveraging Agile, DevOps and even a mix of ITIL, to create the combination that’s most suitable for your organization and that maximize your busines...
Apr. 28, 2016 08:45 PM EDT Reads: 1,724
In the rush to compete in the digital age, a successful digital transformation is essential, but many organizations are setting themselves up for failure. There’s a common misconception that the process is just about technology, but it’s not. It’s about your business. It shouldn’t be treated as an isolated IT project; it should be driven by business needs with the committed involvement of a range of stakeholders.
Apr. 28, 2016 07:30 PM EDT Reads: 1,767
New Relic, Inc. has announced a set of new features across the New Relic Software Analytics Cloud that offer IT operations teams increased visibility, and the ability to diagnose and resolve performance problems quickly. The new features further IT operations teams’ ability to leverage data and analytics, as well as drive collaboration and a common, shared understanding between teams. Software teams are under pressure to resolve performance issues quickly and improve availability, as the comple...
Apr. 28, 2016 07:15 PM EDT Reads: 2,371
The IoT has the potential to create a renaissance of manufacturing in the US and elsewhere. In his session at 18th Cloud Expo, Florent Solt, CTO and chief architect of Netvibes, will discuss how the expected exponential increase in the amount of data that will be processed, transported, stored, and accessed means there will be a huge demand for smart technologies to deliver it. Florent Solt is the CTO and chief architect of Netvibes. Prior to joining Netvibes in 2007, he co-founded Rift Technol...
Apr. 28, 2016 07:00 PM EDT Reads: 1,468
SYS-CON Events announced today that Enzu, a leading provider of cloud hosting solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to foc...
Apr. 28, 2016 05:30 PM EDT Reads: 826
Many private cloud projects were built to deliver self-service access to development and test resources. While those clouds delivered faster access to resources, they lacked visibility, control and security needed for production deployments. In their session at 18th Cloud Expo, Steve Anderson, Product Manager at BMC Software, and Rick Lefort, Principal Technical Marketing Consultant at BMC Software, will discuss how a cloud designed for production operations not only helps accelerate developer...
Apr. 28, 2016 05:00 PM EDT Reads: 992
Join IBM June 8 at 18th Cloud Expo at the Javits Center in New York City, NY, and learn how to innovate like a startup and scale for the enterprise. You need to deliver quality applications faster and cheaper, attract and retain customers with an engaging experience across devices, and seamlessly integrate your enterprise systems. And you can't take 12 months to do it.
Apr. 28, 2016 04:45 PM EDT Reads: 1,733
This is not a small hotel event. It is also not a big vendor party where politicians and entertainers are more important than real content. This is Cloud Expo, the world's longest-running conference and exhibition focused on Cloud Computing and all that it entails. If you want serious presentations and valuable insight about Cloud Computing for three straight days, then register now for Cloud Expo.
Apr. 28, 2016 04:30 PM EDT Reads: 1,621