Solera Holdings, Inc. Acquires Eziworks Pty Ltd; Acquisition Will Accelerate Penetration of Australian Market
WESTLAKE, Texas, April 10, 2013 /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 equity interests (the "Acquisition") of Eziworks Pty Ltd, an Australian company which operates as Car Quote ("Car Quote").
Car Quote, a leading body shop management system, is a central part of the Australian claims workflow and helps form a critical communication link between insurers and body shops that allows them to exchange collision data. Car Quote also integrates seamlessly with accounting modules and parts procurement networks to maximize value for its customers.
"The Car Quote solution platform and its strong management team are a great addition to Solera. This acquisition will accelerate our delivery of an end-to-end claims management platform in Australia, driving value to a market that processes more than 1 million annual collision repair claims," said Tony Aquila, Solera's Founder, Chairman and Chief Executive Officer. "The Acquisition demonstrates our continued execution on the Leverage element of our Leverage, Diversify and Disrupt strategy. As we develop new markets, we will continue to leverage our databases, platforms and domain knowledge to create value through standardization and transparency in the claims process. Car Quote is an additional step forward for bringing the full power of Solera and providing essential value to our customers in the Australian market."
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 Solera's accelerated market penetration and value delivery to customers in Australia; and the benefits and value of Car Quote's products and services to customers and the Solera Group. 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 Car Quote's products and services into Audatex Australia's offerings; risks associated with the uncertainty in and volatility of global economic conditions; continued adoption of Car Quote's products and services; our reliance on a limited number of customers for a substantial portion of our revenues in Australia; 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 December 31, 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.
SOURCE Solera Holdings, Inc.