Solera Holdings, Inc. to Acquire Autodata
Jan 04, 2017, 07:00 ET
WESTLAKE, Texas, Jan. 4, 2017 /PRNewswire/ -- Solera Holdings, Inc., a global leader in data and software for the automotive, home ownership and digital identity management ecosystems, today announced it has entered into a definitive agreement to acquire Autodata, a leading provider of technical information and knowledge solutions for the automotive service, maintenance and repair ("SMR") industry.
"Throughout a car's life, there are over 54 transactions that occur between motorists and automotive businesses," said Tony Aquila, Solera's founder, Chairman and CEO. "One of Solera's missions is to digitize the vehicle ownership ecosystem by developing cognitive applications that not only power connectivity and engagement, but also proliferate awareness and transparency across the entire automotive lifecycle."
Founded in 1975, UK-based Autodata has evolved from publishing iconic do-it-yourself manuals for car enthusiasts and garages, to delivering fully digital cloud-based diagnostics and repair intelligence for professional mechanics. Powered by data from 136 vehicle manufacturers covering over 40,000 models worldwide, Autodata's solutions today are deployed by over 90,000 repair shops in over 40 countries for best-in-class coverage, accuracy, reliability, and efficiency. Autodata has been owned by Bowmark Capital and Rothschild & Co's Five Arrows Principal Investments since 2014.
"Solera's proprietary Invent & Acquire strategy drives both the innovation and proliferation of our data and software platforms," continued Aquila. "The acquisition of Autodata will not only complement our expanding/existing suite of digital SMR solutions, such as Identifix and Inpart, but will also accelerate the expansion of Solera's asset protection and risk management solutions in emerging and maturing markets across the globe."
As technology continues to rapidly drive complex automotive designs, vehicle repair shops increasingly demand sophisticated digital solutions that can enable and sustain efficient aftermarket operations with the highest levels of customer satisfaction.
"Today's motorists expect automotive service professionals not only to understand every vehicle make and model, but also to provide a faster and more accurate service at highly competitive prices," added Rod Williams, CEO of Autodata. "Joining the Solera family will not only amplify Autodata's ability to meet the growing needs of the industry, but will also provide our customers and partners with access to Solera's highly innovative mindset and forward-thinking solutions."
"Vehicles are not only being driven longer than ever before, but are becoming more technologically advanced and digitally sophisticated," continued Aquila. "The SMR industry must be prepared to manage this evolution in mobility with the right mindset, equipment and training. Solera's integration of Autodata will accelerate delivery of the data and software that the global SMR marketplace needs today, as well as the innovative technologies and solutions that the industry will need tomorrow."
About Solera
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. Since its inception in 2005 as a garage-based startup, Solera has grown aggressively with over 40 acquisitions across its Risk Management Solutions, Service Maintenance & Repair, and Customer Retention Management platforms. The company's current product solutions include Audatex, AutoPoint, CAP/HPI, Digidentity, Enservio, Explore Data, Hollander, Identifix, Inpart, LYNX and TitleTec, as well as the company's flagship Digital Garage application. Today, Solera processes over 240 million transactions annually for approximately 200,000 partners and customers in 80+ countries. Unified by a strong culture that values uncommon entrepreneurial thinking and continuous "do-it-different" innovation, Solera's global workforce of 6,000+ associates comes from diverse forward-thinking industries that include automotive technology, artificial intelligence, software development, data sciences, cybersecurity, cognitive design, and digital identity protection. Solera went public on the NYSE in 2007 under the stock symbol "SLH", joined the S&P 400 in 2009, and went private in 2016 in a $6.5 billion transaction backed by leading investors that include Vista Equity Partners, Koch Industries and Goldman Sachs. For more information, please visit www.solera.com, fb.com/solerainnovation, or @soleraworks on Instagram and Twitter.
About Autodata
Established in 1975, Autodata is a trusted world leader in providing technical information to the automotive aftermarket. Autodata develops products for use in automotive workshops for the repair and servicing of cars and motorbikes, as well as corporate solutions for companies requiring custom platforms or integrations. Autodata's technical information and knowledge solutions cover 136 manufacturers and over 40,000 vehicle models worldwide. For more information about Autodata, please visit www.autodata-group.com/uk.
Cautions about Forward-Looking Statements
This press release contains forward-looking statements, including statements about: the benefits of the acquisition of Autodata (the "Acquisition"), including but not limited to the benefits to, and acceleration of the delivery of data, software and solutions to, the global SMR, asset protection, risk management and identity protection industries (either alone or in conjunction with existing Solera solutions, such as Identifix and Inpart). 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 transactions of this nature, our business and Autodata'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 and similar transactions; successfully integrating Autodata's solutions with or into other Solera group offerings, including but not limited to, our existing SMR solutions; continued adoption of Autodata's and the Solera group's products and services; effects of competition on product and service pricing and Autodata's and the Solera group's business; Solera's ability to obtain additional financing as necessary to support its business or operations; rapid technology changes in Solera's industry; and effects of security breaches on Solera's business and reputation. 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.