WESTLAKE, Texas and MAJADAHONDA, Spain, March 15, 2018 /PRNewswire/ -- Solera Holdings, Inc. ("Solera"), a global leader in intelligent data and Software as a Service ("SaaS") for automotive, home and personal digital identity management, and MAPFRE S.A. ("MAPFRE"), a premier global insurer with presence on five continents, today announced that their existing joint venture, Solera Technology Centre GmbH ("STC"), has signed a definitive agreement to acquire CESVI (Center for Experimentation and Road Safety) Brasil. The acquisition is subject to closing conditions, including approval by the Brasilian competition regulatory authority.
CESVI Brasil is a leading automotive research and experimentation center in Brasil, focused on providing insight, safety guidelines and transparency, including training for vehicle repair facilities and their technicians, insurers, original equipment manufacturers, and governmental entities.
Founded in 2011, STC was created to leverage Solera's and MAPFRE's ability and desire to make testing and training available to all participants in the automotive repair industry. STC's mission is to modernize the automotive repair and insurance ecosystems of evolving and emerging countries throughout the world with intelligent data, predictive software, and technology-focused education. This allows for hands-on training in centers of excellence, which are key components to help create safer repairs, economic growth and sustainability for those who have chosen the trade of repairing one of life's most important assets.
"The opportunity for us to acquire and invest in CESVI Brasil and its great team is part of STC´s global strategy to enable the markets with not only intelligent data, but to also help further research to enable transparent decision making throughout the vehicle lifecycle," said Tony Aquila, Solera's founder, Chairman and CEO. "As vehicle complexity increases, STC will invest to be at the forefront of the market to partner with those that we serve and their customers across the vehicle repair industry."
STC already manages CESVI's operation in China, which was inaugurated in 2015, and is serving to reinforce its presence in the growing Chinese automobile market, which is on track to become the largest in the world.
MAPFRE is a global insurer with presence on five continents. Mapfre is the largest Spanish insurer in the world, the main multinational insurer in the Latin American market and is among the Top 5 in Non-Life insurer in Europe by volume of premiums. MAPFRE employs more than 36,000 employees and in 2017 MAPFRE's revenues totaled almost 28 billion euros, with net earnings of 701 million euros. For more information, please visit https://noticias.mapfre.com/en/
Founded and continuously led by inventor and entrepreneur Tony Aquila, Solera is a global leader in digital technologies that manage and protect life's most important assets: our cars, homes and identities. Today, Solera processes over 300 million digital transactions annually for approximately 235,000 partners and customers in nearly 90 countries. For more information, please visit solera.com.
Cautions About Forward-Looking Statements
This press release contains forward-looking statements, including statements about: the benefits of the acquisition of CESVI Brasil (the "Acquisition"), including but not limited to, STC's global strategy to leverage data, software to further research and enable transparent decision making throughout the vehicle lifecycle; and the benefits and value of products and services to Solera's, STC's and CESVI Brasil's customers. These statements are based on Solera's 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 transactions of this nature, Solera's business, STC's business and CESVI Brasil's 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 (including STC) and similar transactions; successfully integrating CESVI Brasil's solutions with or into STC or Solera group offerings; continued adoption of CESVI Brasil's, STC's and the Solera group's products and services; effects of competition on product and service pricing and STC's, CESVI Brasil's and Solera's business; Solera's ability to obtain additional financing as necessary to support its business or operations; and rapid technology changes in CESVI Brasil's, STC's and Solera's industry. 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.