WESTLAKE, Texas, Jan. 6, 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 one of its subsidiaries completed an acquisition of 100% (the "Acquisition") of Autosoft S.r.l. ("Autosoft").
Autosoft is a leading Italian platform that provides workflow, damage assessment and claims management for insurance companies, vehicle repairers and assessors in Italy. Through its workflow platform, Autosoft connects insurers, assessors and repairers, creating efficiencies across the claims processing value chain. Autosoft also has a proprietary electronic parts database and guide marketed under the Kromeda brand.
"With over 37 million vehicles, Italy has the second largest car parc in the European Union. Strengthening our footprint and platform coverage in the Italian market is a key objective of our strategy for the region. We have been operating in the Italian market for the last three years and believe now is the right time to increase our investments – which include this acquisition – to further build upon the foundation we have started in Italy," said Tony Aquila, Solera's founder, Chairman and Chief Executive Officer. "Autosoft provides us with a leading position to create significant value through standardization of the automobile insurance claims process and brings us a great team that can take full advantage of Solera's arsenal of additional software. The Acquisition aligns well with our M-M-C (Management-Margin-Core) discipline, and I am excited to bring new software and services to Italy to accelerate Solera's growth in this important market."
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 65 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 benefits of the Acquisition, including the acceleration of Solera's penetration of and growth in the Italian market; the expansion of Solera's offerings and increased investments in the Italian market; and the benefits and value of Autosoft's products and services to Solera and Autosoft's customers, either alone or in conjunction with the products and services of the Solera group companies. 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 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 Autosoft's products and services with or into other Solera offerings and integrating Autosoft's employees; risks associated with the uncertainty in and volatility of global economic conditions; continued adoption of Autosoft's products and services; our reliance on a limited number of customers for a substantial portion of our revenues in Italy; risks associated with operating in the Italian 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; and rapid technology changes in our industry. 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, 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.