Solera Holdings, Inc. Acquires License Monitor, Inc.; Acquisition Extends Solera's Driver Violation Monitoring Capabilities to Fleet Sector
WESTLAKE, Texas, Aug. 21, 2012 /PRNewswire/ -- Solera Holdings, Inc. (NYSE: SLH), the leading global provider of software and services to the automobile insurance claims processing industry, today announced that one of its subsidiaries has acquired (the "Acquisition") 100% of the equity interests of License Monitor, Inc. ("LMI"). LMI provides sophisticated driver violation monitoring solutions that enable operators of government and commercial vehicle fleets to quickly ascertain driver violation activity and license status changes, thereby enabling the operator to manage and mitigate risk on a real-time basis. LMI has built a powerful offering that delivers compelling value to its customers.
"The Acquisition leverages Explore's multi-state database of violation information and allows us to rapidly extend our reach into fleet management across the United States," said Tony Aquila, Solera's founder, Chairman and Chief Executive Officer. "LMI is Explore's first acquisition as a Solera company, and we believe LMI will grow our addressable market in the US and enhance our offering of value-based solutions. Coupling LMI's platform with Explore's geographic footprint, existing databases and monitoring expertise, we will take an important step in expanding our driver data and decision-support capabilities in the United States. We are excited about the prospect of leveraging the power of our combined capabilities to serve fleet customers."
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 LMI's products and services to customers and the Solera Group, including the combination of Explore's database with LMI's products and services to expand LMI's geographic footprint. 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: 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 LMI; risks associated with the uncertainty in and volatility of economic conditions in the U.S. and globally; 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, including the Fair Credit Reporting Act and the Driver Privacy Protection Act; our reliance on key LMI personnel; rapid technology changes in our industry; our reliance on third-party data; 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 March 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.