Solera Holdings, Inc. To Acquire Title Technologies, Inc.; Acquisition Will Leverage Government Data Expertise and Bring Workflow into Automotive Dealer Marketplace
WESTLAKE, Texas, Sept. 27, 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 100% (the "Acquisition") of Title Technologies, Inc. ("TitleTec"). The Acquisition is subject to certain conditions to closing and is expected to close in the second quarter of Solera's fiscal year 2013.
TitleTec's proprietary web-based platform allows automotive dealerships to streamline operations and improve the customer purchasing experience by assembling and processing the data necessary to electronically register a vehicle, produce a title, and issue a permanent or temporary tag real-time at the point of sale. TitleTec will leverage Explore's broad footprint and state-based data services expertise to extend its market reach beyond its current presence in Florida, Georgia and Virginia.
"TitleTec's expertise in gathering and processing title, lien and registration data will provide our North American businesses with important transaction-based revenue diversification for our driver information services platform. This acquisition represents a critical step toward delivering a robust salvage solution across North America," said Tony Aquila, Solera's Founder, Chairman and Chief Executive Officer. "We are excited to serve dealerships in the U.S. by delivering the high-ROI products and services that our insurance and body shop customers worldwide have come to expect from us."
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 TitleTec's products and services to customers and the Solera Group, including the combination of Explore's data services expertise with TitleTec's products and services to expand TitleTec'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: the Acquisition may not be completed; 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 TitleTec;; 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; 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 Annual Report on Form 10-K for the Fiscal Year Ended June 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.
SOURCE Solera Holdings, Inc.