Welcome!

News Feed Item

Solera Holdings, Inc. Purchases 100% of AutoPoint from Joint Venture with Welsh, Carson, Anderson & Stowe

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."

About Solera

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.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Most of us already know that adopting new cloud applications can boost a business’s productivity by enabling organizations to be more agile and ready to change course in our fast-moving and connected digital world. But the rapid adoption of cloud apps and services also brings with it profound security threats, including visibility and control challenges that aren’t present in traditional on-premises environments. At the same time, the cloud – because of its interconnected, flexible and adaptable...
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Part...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm ...
Digitization is driving a fundamental change in society that is transforming the way businesses work with their customers, their supply chains and their people. Digital transformation leverages DevOps best practices, such as Agile Parallel Development, Continuous Delivery and Agile Operations to capitalize on opportunities and create competitive differentiation in the application economy. However, information security has been notably absent from the DevOps movement. Speed doesn’t have to negat...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
Leading cloud-centric IT organizations are establishing core capabilities to improve productivity, control costs and provide a highly responsive end-user experience. Key steps along this journey include creating an end-user cloud services catalog, automating workflows and provisioning, and implementing IT showback and chargeback. In his session at 19th Cloud Expo, Mark Jamensky, executive vice president of Products at Embotics, will walk attendees through an in-depth case study of enterprise I...
SYS-CON Events announced today that Niagara Networks will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
Your business relies on your applications and your employees to stay in business. Whether you develop apps or manage business critical apps that help fuel your business, what happens when users experience sluggish performance? You and all technical teams across the organization – application, network, operations, among others, as well as, those outside the organization, like ISPs and third-party providers – are called in to solve the problem.
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service. Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
Apache Hadoop is a key technology for gaining business insights from your Big Data, but the penetration into enterprises is shockingly low. In fact, Apache Hadoop and Big Data proponents recognize that this technology has not yet achieved its game-changing business potential. In his session at 19th Cloud Expo, John Mertic, director of program management for ODPi at The Linux Foundation, will explain why this is, how we can work together as an open data community to increase adoption, and the i...
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...