WESTLAKE, Texas and RIYADH, Saudi Arabia, Oct. 9, 2018 /PRNewswire/ -- Solera Holdings, Inc. ("Solera") and The Saudi Authority for Accredited Valuers ("Taqeem") of the Kingdom of Saudi Arabia have signed a Memorandum of Understanding to establish a strategic partnership to launch Solera's Digital Garage platform for the automotive, fleet, property and digital identity ecosystem in Saudi Arabia, underpinning Saudi Vision 2030 to become a leading intercontinental logistics hub.
The initial scope of the partnership shall establish an accredited damage calculation standard, a salvage auction ecosystem and an accredited vehicle valuation methodology for insurance underwriting and the used vehicle market.
The partnership will also assess establishing and operating a state-of-the-art training and research center in Saudi Arabia to support Taqeem's goal of professionalizing and modernizing the auto claims and repair industry to enhance the societal goals of increasing road safety, economic activity and participation. The training and research center would leverage the know-how from Solera's advanced global network of automotive research centers, known as CESVI LIV, to train technicians and certify skilled automotive professionals and workshops, as well as educate the insurance claims and vehicle repair industries in Saudi Arabia.
Eng. Hani Dahhan, Deputy Secretary General, stated that one of Taqeem's objectives is to develop the valuation profession and raise the level of its practitioners professionally and technically. "We will work through this strategic partnership to establish the first automotive research center in the MENA region, which will be a scientific and professional hub for all specialists in the field. Taqeem will also provide specialized training courses in automotive damage assessment and repair through the center. Solera is the global leader in developing automated solutions for the automotive industry and is the best partner to help establish trust and professionalism in valuation reports."
"Solera and Taqeem plan to shape the future of the digital mobility landscape in Saudi Arabia with the introduction of the Digital Garage platform and IVAS technology to transform the way people enjoy mobility," said Tony Aquila, founder, Chairman and CEO of Solera. "This partnership accelerates Solera's global mission to address all aspects of the mobility ecosystem with cognitive, data-powered and industrial blockchain-secured solutions."
Solera and Taqeem view this agreement as a long-term partnership to transform Saudi Arabia and the Middle Eastern region by introducing intuitive and disruptive digital solutions for the mobility space, thereby equipping consumers with next-generation tools for managing life's most important assets—their cars, properties and digital identities.
The Saudi Authority for Accredited Valuers (TAQEEM) was established as a body of an independent, non-profit and judicial nature, operating under the Ministry of Commerce and Investment. TAQEEM has the role of organizing and developing the valuation profession, qualifying and accrediting Valuers across asset classes. TAQEEM aims to regulate and develop the valuation profession, accredit qualified valuers and apply the International Valuation Standards to increase the community trust and awareness in the valuation profession
Founded and continuously led by inventor and entrepreneur Tony Aquila, Solera is a global leader in digital technologies that connect and secure life's most important assets: our cars, trucks, homes and identities. Today, Solera processes over 340 million digital transactions annually for approximately 240,000 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 partnership between Solera and Taqeem (the "Partnership"), including but not limited to: the establishment of accredited damage calculation standards, a salvage auction ecosystem and an accredited vehicle valuation methodology; the potential establishment of a training and research center in Saudi Arabia; the potential further development and proliferation of Solera's products and solutions (including, but not limited to the Digital Garage and IVAS) within Saudi Arabia and the Middle Eastern region; and the expected benefits of the Partnership to automobile, mobility and insurance industry participants within Saudi Arabia and the Middle Eastern region. These statements are based on 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 and Taqeem's business, including, without limitation: the failure to realize the expected benefits of the Partnership; the failure to achieve commercial acceptance of present and future Solera solutions, products and services; risks associated with and possible negative consequences of acquisitions, investments, joint ventures and similar transactions; successfully combining Solera's solutions, products and services with or into other Taqeem solutions, products and services; continued adoption of Solera's and Taqeem's solutions, products and services; and the effects of competition on product and service pricing and Solera's and Taqeem's business. Solera and Taqeem are under no obligation to (and specifically disclaim any such obligation to) update or alter any forward-looking statements whether as a result of new information, future events or otherwise.