Solera Holdings, Inc. Acquires See Progress, Inc.; Enhances Product Suite With Market-Leading Vehicle Repair Status Offering; Provides Compelling Value Proposition to Customers
WESTLAKE, Texas, Sept. 7, 2011 /PRNewswire/ -- Solera Holdings, Inc. (NYSE: SLH), the leading global provider of software and services to the automobile insurance claims processing industry, today announced that it has purchased See Progress, Inc., a market-leading, U.S.-based provider of vehicle repair status software applications. Collision repair shops use See Progress's AutoWatch application to capture and transmit real-time text and photo-based vehicle repair status to insurers and vehicle owners that can reduce call-handling costs, increase throughput and enhance customer satisfaction and retention.
"With the acquisition of See Progress, Solera further expands its product suite and continues to demonstrate its commitment to profitably grow the North American market by providing differentiated, high ROI products and services to insurers and collision repair shops," said Tony Aquila, Solera's founder, Chairman and Chief Executive Officer. "Consistent with our M-M-C (Management-Margin-Core) acquisition philosophy, we believe the acquisition of See Progress will contribute to our profitable growth by leveraging our distribution capabilities across our many insurance customers and 12,000+ collision repair customers throughout North America," continued Aquila.
About Solera
Solera is the leading global provider of software and services to the automobile insurance claims processing industry. Solera is active in close to 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, AUTOOnline providing salvage disposition in a number of European and Latin American countries, Hollander serving the North American recycling market, Explore providing data to U.S. P&C insurers used in the re-underwriting of their insured drivers, and IMS providing medical review services. 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: the benefits of See Progress' products; our profitable growth, including See Progress' expected contributions to our growth in North America; and statements about historical results or performance that may suggest trends for our 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: risks associated with and possible negative consequences of acquisitions, joint ventures and similar transactions; the failure to realize the expected benefits from our acquisition of See Progress; our inability to successfully integrate See Progress' business, including its existing employees, customers, infrastructure and product offerings, with our existing business at reasonable cost, or at all; our ability to convert our customers to See Progress' products and services; our reliance on a limited number of customers for a substantial portion of our revenues; risks associated with the uncertainty in and volatility of global economic conditions; effects of competition on our software and service pricing and our business; time and expenses associated with switching customers to new software and services; rapid technology changes in our industry; costs and possible future losses or impairments relating to our acquisitions; our reliance on third-party 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 Year Ended June 30, 2011. 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.
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