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
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
SYS-CON Events announced today that 910Telecom 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. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
SYS-CON Events announced today that Pulzze Systems 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. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
Internet of @ThingsExpo, taking place November 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 Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
StarNet Communications Corp has announced the addition of three Secure Remote Desktop modules to its flagship X-Win32 PC X server. The new modules enable X-Win32 to safely tunnel the remote desktops from Linux and Unix servers to the user’s PC over encrypted SSH. Traditionally, users of PC X servers deploy the XDMCP protocol to display remote desktop environments such as the Gnome and KDE desktops on Linux servers and the CDE environment on Solaris Unix machines. XDMCP is used primarily on comp...
SYS-CON Events announced today that StarNet Communications 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. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
SYS-CON Events announced today that Adobe has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Adobe is changing the world though digital experiences. Adobe helps customers develop and deliver high-impact experiences that differentiate brands, build loyalty, and drive revenue across every screen, including smartphones, computers, tablets and TVs. Adobe content solutions are used daily by millions of co...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.