Solera Holdings, Inc. to Acquire Majority Stake in Sinexia Corporacion Tecnologica; Investment Will Further Enhance Solera's Product and Services Offering in the Spanish Market
WESTLAKE, Texas, Dec. 12, 2011 /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 signed definitive agreements to acquire a majority of the outstanding capital shares of Sinexia Corporacion Tecnologica ("Sinexia"). The agreements also provide Solera with the right to purchase up to 100% of Sinexia's outstanding capital shares.
Sinexia's APCAS Data software is a leading application for processing property and casualty insurance claims in Spain. Sinexia's web-based applications are used by assessors and insurers to more efficiently connect, assess, and process automobile and residential property claims and share all related files.
"Utilizing Sinexia's software platform and applications in our Spanish operations will allow us to provide greater value to our assessor and insurance company customers by offering additional, high-ROI services in Spain, an important market for Solera," said Tony Aquila, Solera's founder, Chairman and Chief Executive Officer. "Further, the investment provides an efficient way to enhance our current technology."
Solera is the leading global provider of software and services to the automobile insurance claims processing industry. Solera is active in nearly 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, AUTOOnline providing salvage disposition in a number of European and Latin American countries, Hollander serving the North American recycling market, Explore providing data to U.S. P&C insurers used in the re-underwriting of their insured drivers, and IMS providing medical review services. 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 our investment in Sinexia ; and the benefits of Sinexia's products, services and platform to Solera and customers. 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: risks associated with and possible negative consequences of acquisitions, investments, joint ventures and similar transactions, including successfully managing Sinexia with our co-investors; the failure to realize the expected benefits from our investment in Sinexia; 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; 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 September 30, 2011. 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.