DALLAS, April 1, 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 Hollander, Solera's operating company that provides salvage yard management systems and parts locating software to the automotive recycling industry in the U.S. and Canada, has signed an agreement to purchase assets from Inventory Technology Systems, Inc., ("ITS"). The transaction is subject to certain conditions to closing and is expected to close in the fourth quarter of Solera's fiscal year 2011.
ITS is a U.S.-based provider of innovative solutions that enhance salvage yard profitability by managing recycled parts logistics and increasing inventory turnover. Proprietary workflow tools that control, track and account for alternative parts movement drive increasing operational efficiency at salvage yards. In addition to capturing a greater portion of sales opportunities, ITS' parts identification and location solutions promote independent salvage yard growth and the creation parts trading co-operatives. By bundling the innovative ITS products to the nearly 7,000 recycling yards in North America, Hollander will deliver an integrated solution that manages the key steps in the recycling of automotive parts. The combined ITS and Hollander technologies will ultimately provide for tighter collaboration between the insurance, collision repair, and recycling industries.
"This is the fourth deployment of capital from the HEMI Initiative and by investing in Hollander, we continue to leverage our leadership in the automotive recycling community for the benefit of all constituents in the automotive claims process. We are excited about the opportunity to expand the delivery of these highly adaptable, web-based ITS products," said Tony Aquila, Solera's founder, chairman and CEO.
Solera is the leading global provider of software and services to the automobile insurance claims processing industry. Solera is active in over 50 countries across six continents. The Solera companies include Audatex in the United States, Canada, and in more than 45 additional countries, Informex in Belgium, 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, 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 expected benefits and value of the ITS products and the combined Hollander-ITS products. 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 our transaction with ITS; the failure to realize the expected benefits and value from our transaction with ITS; our inability to successfully integrate the assets purchased from ITS or the ITS employees with our existing business at reasonable cost, or at all; risks associated with and possible negative consequences of acquisitions, joint ventures and similar transactions; 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; intellectual property matters; 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 December 31, 2010. 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.