Solera Holdings, Inc. Acquires Mensaelect S.A.; Acquisition Will Strengthen Core Products and Expand Reach in the Spanish Market
WESTLAKE, Texas, Dec. 3, 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 it has acquired 100% of the outstanding shares (the "Acquisition") of Mensaelect S.A. ("Mensaelect").
Mensaelect's proprietary, web-based solution streamlines the invoicing process between Spanish body shops and insurers and provides body shops with faster, more efficient payments from insurance companies. The solution is currently used by more than 14,000 repair shops located throughout Spain. The Solera companies in Spain will leverage Mensaelect's capabilities and client portfolio to extend the power and reach of the Spanish core platform.
"The Acquisition represents another significant investment in enhancing our platform for the Spanish market. Prior acquisitions of AUTOonline and Sinexia, as well as our increased investments in our next generation platform and its cloud computing capabilities, have expanded our core offerings and strengthened our leadership role in Spain. Our acquisition of Mensaelect demonstrates our continued commitment to our customers and our growth in Spain despite the challenging macro environment. We are also very excited to do our part to help the Spanish economy as we continue to create more opportunities for development for our associates in this important market," said Tony Aquila, Solera's Founder, Chairman and Chief Executive Officer. "Mensaelect's solution delivers significant value to our insurance customers by simplifying their administrative processes and work flow. Mensaelect's ability to enhance the effectiveness of the invoicing process is consistent with our track record of providing high-value products and services and creates a win-win for our insurance and body shop 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; the benefits and value of Mensaelect's products and services to customers and the Solera Group, including the combination of Audatex Spain's data services expertise with Mensaelect's products and services; Solera's growth in the Spanish market; and statements about historical performance that may suggest trends for our business. 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 Mensaelect; risks associated with the uncertainty in and volatility of economic conditions in Spain 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; risks associated with operating in multiple countries, including regulatory, political and exchange rate risks; 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.