Solera Holdings, Inc. to Acquire Pusula Otomotiv; Acquisition Will Accelerate Growth in Turkish Market
WESTLAKE, Texas, July 22, 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 one of its subsidiaries has signed a definitive agreement to acquire 100% of the equity interests (the "Acquisition") of Pusula Otomotiv ("Pusula"). The Acquisition is subject to certain conditions to closing and is expected to close in the first quarter of Solera's fiscal year 2014.
Pusula is a leading provider of vehicle disposition and titling services in Turkey. Pusula's proprietary web platform connects buyers, including total loss vehicle resellers, repair shops and spare parts recyclers, with sellers, insurers and fleet companies that seek to auction total loss vehicles. Pusula is also the only online automotive auction company in Turkey that has established an in-house title transfer capability, enhancing the value of its services to its customers.
"Pusula's strong solution offering provides a compelling value proposition to insurance companies and other participants in the salvage disposition process throughout Turkey. This Acquisition is another example of our ongoing organic and inorganic investments to strengthen our software and service offerings to meet the needs of the Turkish market," said Tony Aquila, Solera's Founder, Chairman and Chief Executive Officer. "Combining Pusula's strong management team, customer base and title transfer services with our existing business in Turkey will enhance our market position and accelerate growth in the rapidly expanding Turkish market."
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, including Solera's market position and accelerated growth in Turkey; and the benefits and value of Pusula's products, services and management team 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; 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 Pusula's products, services and employees into AUTOonline Turkey's offerings and work force; risks associated with the uncertainty in and volatility of global economic conditions; continued adoption of Pusula's and AUTOonline Turkey's products and services; our reliance on a limited number of customers for a substantial portion of our revenues in Turkey; effects of changes in or violations by us or our customers of government regulations; effects of competition on our product and service pricing and our business; risks associated with operating in multiple countries, including regulatory, political and exchange rate risks; rapid technology changes in our industry; 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, 2013. 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.