Solera Holdings, Inc. Acquires HyperQuest, Inc.; Acquisition Will Strengthen U.S. Claims Solutions
WESTLAKE, Texas, Feb. 1, 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 outstanding shares (the "Acquisition") of HyperQuest, Inc. ("HyperQuest").
HyperQuest is a provider of proprietary, web-based subrogation solutions and disruptive software tools that lower processing costs and provide objectivity to both subrogation claims and out-of-network claims. By replacing paper files with an actionable data file and rules-based workflow, HyperQuest automates the manually intensive processes typical of these claim types in addition to increasing claims accuracy and accelerating claims resolution. HyperQuest's out-of-network claims solutions allow an insured to choose any repair shop, thereby enabling insurers to promote a self-service collision repair shop network.
"HyperQuest's highly differentiated services will extend the reach of our services in the U.S. and drive consumer satisfaction by allowing insurance companies, assessors and collision repair shops to seamlessly process out-of-network claims, regardless of the estimating platform being used," said Tony Aquila, Solera's Founder, Chairman and Chief Executive Officer. "The Acquisition demonstrates our ongoing commitment to leveraging the power of our global platform to invest in diversifying technologies that strengthen our core and deliver differentiated, high-ROI products and services."
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; and the benefits and value of HyperQuest'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 HyperQuest and its employees; risks associated with the uncertainty in and volatility of economic conditions in the U.S. and globally; our reliance on a limited number of customers for a substantial portion of our revenues; 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.
SOURCE Solera Holdings, Inc.
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