Solera Holdings, Inc. to Acquire United Kingdom Claims Related Business from the Sherwood Group of Companies; Acquisition Will Extend Solera's Reach into the Household
WESTLAKE, Texas, May 12, 2014 /PRNewswire/ -- Solera Holdings, Inc. ("Solera", "we" or "our") (NYSE: SLH), a leading global provider of software and services to the automobile insurance claims processing and decision support industries, today announced that it has signed an agreement to acquire, through a series of transactions (the "Acquisition"), the claims-related products and related intellectual property (collectively, the "Business") from the Sherwood group of companies (collectively, "Sherwood"). The Business is a leading provider of innovative exchanges, settlement platforms, and data analytics focused on the insurance industry in the UK, including car rental billing services and pet insurance claims, a market that has been growing in the double-digits with approximately one million policies in force today. The Acquisition is subject to certain closing conditions and is expected to close in the fourth quarter of Solera's fiscal year ending June 30, 2014.
"The Acquisition expands our platform to serve additional complementary areas of the household. The Business will drive transactions from the fast-growing pet insurance market onto our platform in the UK, which we believe can expand into to other markets," said Tony Aquila, Solera's founder, Chairman and Chief Executive Officer. "Furthermore, combining the Business car rental billing management and predictive data analytics services with our leading automotive collision claim, Service, Maintenance & Repair and vehicle history platforms will add even more functionality for our customers, and their customers, and will enhance our product offerings in the UK."
Solera is a leading global provider of software and services to the automobile insurance claims processing and decision support industries. Solera is active in over 69 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 and CarWeb 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 in North America; Explore providing data and analytics to United States property and casualty insurers; and Service Repair Solutions, a joint venture with Welsh, Carson, Anderson & Stowe, that provides solutions for the service, maintenance and repair market. For more information, please refer to Solera's website at http://www.solerainc.com.
Cautions about Forward-Looking Statements
This press release contains forward-looking statements, including statements about: the expected timing for completion of the Acquisition; the benefits of the Acquisition, including the acceleration of Solera's penetration of and growth in the UK market; the expansion of Solera's offerings and increased investments in the UK market; the benefits and value of products and services to Solera's and the Business's customers, either alone or in conjunction with the products and services of other Solera group companies; the expansion of the Business's offerings to markets outside of the UK; and historical statements, including statements about the growth of the pet insurance market, that may suggest trends for the 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: we may not complete the Acquisition; 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 the Business's products and services with or into other Solera offerings and integrating the Business's employees; risks associated with the uncertainty in and volatility of global economic conditions; continued adoption of the Business's products and services; our and the Business's reliance on a limited number of customers for a substantial portion of our and its revenues in the UK; risks associated with operating in multiple countries, including regulatory, political and exchange rate risks; successful integration of acquired businesses that operate in industries outside of our core market; 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; 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, 2014. 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.