Solera Holdings, Inc. To Acquire Assets from PS Holdings, L.L.C.; Acquisition Will Enhance Solera's Cloud-Based Parts Locating Capabilities
WESTLAKE, Texas, July 11, 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 signed a definitive agreement to acquire substantially all the assets of PS Holdings, L.L.C. (the "Acquisition"), whose services are sold under the "APU" brand name. The Acquisition is subject to certain conditions to closing and is expected to close in the first quarter of Solera's fiscal year 2013.
APU is a cloud-based locator of recycled, aftermarket, reconditioned and surplus original equipment parts for the vehicle repair industry. Based in the United States, APU sources these alternative parts from its extensive, qualified network of automotive recyclers, parts distributors, dealers and manufacturers. APU's customer base consists primarily of insurance carriers, including many of the top U.S. insurance carriers. In the U.S., parts purchases represent over 40% of the cost of vehicle collision repair, and insurance carriers view access to a robust total parts supply solution as a critical driver in reducing claims severity.
"This Acquisition will be an important milestone in our ongoing effort to provide our customers with software applications and decision support tools that facilitate electronic vehicle parts trading. APU links the demand for parts channeled through our core estimatics with the supply of parts in the collision repair chain, driving additional value to our customers," said Tony Aquila, Solera's founder, Chairman and Chief Executive Officer. "APU will build on and extend the part procurement capabilities we deliver through our Audatex and Hollander businesses in the U.S. and abroad. Because of this, we are excited about the opportunities to leverage APU solutions outside the U.S. to help insurers effectively manage their part costs."
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: expected timing for completion of the Acquisition; the benefits of the Acquisition; and the benefits and value of APU'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 Acquisition may not be completed; failure to realize the benefits of the Acquisition; risks associated with and possible negative consequences of acquisitions, investments, joint ventures and similar transactions, including successfully integrating Actual Systems; the failure to realize the expected benefits from our acquisition of Actual Systems; risks associated with the uncertainty in and volatility of global economic conditions; effects of competition on our software and service pricing and our business; time and expenses associated with switching customers to new software and services; risks associated with operating in multiple countries; 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 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 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.