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Solera Holdings

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Solera Holdings
Company typePublic (NYSE: SLH)
IndustrySoftware
Founded2005
Headquarters Westlake, Texas
Key people
Tony Aquila, Founder, Chairman & CEO
RevenueIncrease $987.26 Million USD (2014)
Number of employees
3,600
Websitesolerainc.com

Solera Holdings is a leading provider of risk and asset management software and services to the automotive and property marketplace, including the global "property and casualty" ("P&C") insurance industry.[1] In addition, Solera provides data driven productivity and decision support solutions to other aspects of vehicle ownership such as vehicle validation, driver violation monitoring, vehicle salvage and electronic titling. Solera is currently expanding its core competencies of data, software and connectivity from the auto to the home. Solera is active in over 70 countries across six continents. It is a component of the S&P 400.

Its holdings include Audatex, Hollander, HPI, AUTOonline, Inpart, CAP, AudaExplore, DST, Identifix, Informex, LYNX Services, Market Scan, sachcontrol, ABZ, APU and Sidexa.

History

Founded in January 2005 by Tony Aquila, Solera teamed with private equity firm GTCR Golder Rauner in April 2006 to purchase the Claims Services Group of Automatic Data Processing, Inc. (NYSE: ADP).[2] GTCR was introduced to Tony Aquila in January 2004. At the time, Mr. Aquila was the COO of Mitchell International, a leading provider of automotive claims management and estimatics services. Estimatics providers collect and distribute data for repair shops and insurance companies to help adjudicate the automotive insurance claims process.

In January 2005, GTCR joined forces with Mr. Aquila to form a management start-up. The goal was to acquire a leading automotive claims management services provider. There were three major estimatics providers in the U.S., each competing fiercely for a limited set of insurance customers. GTCR and Mr. Aquila collectively identified a division within ADP as the most compelling target in the sector. The business was believed to be under-managed, and not a strategic fit with the core ADP payroll business. GTCR felt Mr. Aquila and his team brought unique experience and industry expertise that could facilitate significant improvements in operations.

In June 2005, GTCR and Mr. Aquila contacted ADP about carving-out its estimatics business. ADP was receptive to a transaction because it believed GTCR and Mr. Aquila would continue to provide high levels of service to the division’s large insurance clients, also customers of ADP’s larger payroll division. As a result, we were able to initiate diligence on a proprietary basis following these discussions and, after a market check by the board, announced the acquisition in January 2006. Upon closing, the company was renamed Solera.

Solera completed an IPO in May 2007, approximately one year after the acquisition.[3]

In September 2015, the company announced an agreement to be acquired by Vista Equity Partners for approximately $6.5 billion.[4]

Acquisitions

  • 2006: Acquisition of ADP[5]
  • 2008: Solera acquires Inpart[6] and HPI[7]
  • 2009: Acquisition of AUTOonline[8]
  • 2010: Solera acquires Digidentity[9] and Market Scan[10]
  • 2011: Acquisition of K&S Beever B.V., Sinexia[11] and See Progress[12]
  • 2012: Acquisition of CarweB,[13] Actual Systems[14] and LMI[15]
  • 2013: Solera acquires DST[16] and forms a joint venture with SRS[17]
  • 2014: Acquisition of I&S,[18] CAP[19] and Sherwood[20]
  • 2015: Solera acquires Service Dynamics,[21] IBS Automotive[22] and DMEautomotive[23]

See also

Competitors include Mitchell International, Inc. and FICO.

References

  1. ^ "10-Q SEC Filling".
  2. ^ "Financial Tear Sheet".
  3. ^ "Solera. Profiting from Insight".
  4. ^ Lance Murray (September 14, 2015). "Vista Equity Partners to acquire Solera Holdings in $6.5B deal". Dallas Business Journal. Retrieved March 7, 2016.
  5. ^ "Solera and GTCR Complete Acquisition of ADP's Claim Services Group".
  6. ^ "Solera Holdings, Inc. Acquires Inpart Servicos Ltda.; Further Enhances Its Product and Service Offering to the Brazilian Market".
  7. ^ "Solera Holdings, Inc. Acquires HPI Ltd.; Further Enhances Its Product and Service Offering to UK Market".
  8. ^ "Solera Holdings, Inc. Successfully Completes Acquisition of AUTOonline GmbH Informationssyteme".
  9. ^ "Solera Holdings, Inc. Acquires Minority Stake in Digidentity B.V.; Strengthens Product and Service Offering; First Strategic Investment as Part of HEMI Initiative to Invest in Innovative and Disruptive Technology".
  10. ^ "Solera Holdings, Inc. Acquires Market Scan Holding B.V.; Acquisition Further Enhances Its Product and Service Offering to the Dutch Market and Adds Data Analytics Capabilities".
  11. ^ "Solera Holdings, Inc. to Acquire Majority Stake in Sinexia Corporacion Tecnologica; Investment Will Further Enhance Solera's Product and Services Offering in the Spanish Market".
  12. ^ "Solera Holdings, Inc. Acquires See Progress, Inc.; Enhances Product Suite With Market-Leading Vehicle Repair Status Offering; Provides Compelling Value Proposition to Customers".
  13. ^ "Solera Holdings, Inc. Acquires CarweB Limited; Acquisition Will Strengthen Vehicle Data and Decision Support Capabilities in the UK".
  14. ^ "Solera Holdings, Inc. Acquires Actual Systems; Acquisition Will Enhance Solera's Yard Management System Capabilities and Provide a Yard Management Footprint in New Countries".
  15. ^ "Solera Holdings, Inc. Acquires License Monitor, Inc.; Acquisition Extends Solera's Driver Violation Monitoring Capabilities to Fleet Sector".
  16. ^ "Solera Holdings, Inc. to Acquire Distribution Services Technologies, Inc; Acquisition will Strengthen North American Parts Platform".
  17. ^ "Solera Holdings, Inc. Signs Definitive Agreement for Joint Venture with Welsh, Carson, Anderson & Stowe for Vehicle Service, Maintenance and Repair Market Presence".
  18. ^ "Solera Holdings, Inc. to Acquire Insurance and Services Division of Pittsburgh Glass Works, LLC; Acquisition Will Establish the Only Comprehensive Automobile Repair and Claims Management Platform in the U.S. Market".
  19. ^ "CAP acquired by Solera Holdings".
  20. ^ "Solera Holdings, Inc. to Acquire United Kingdom Claims Related Business from the Sherwood Group of Companies; Acquisition Will Extend Solera's Reach into the Household".
  21. ^ "Solera : Acquires Service Dynamics".
  22. ^ "Solera Holdings, Inc. Announces Acquisition of IBS Automotive s.r.o, a Leading Provider of Vehicle Valuation Data in the Czech Republic and Slovakia".
  23. ^ "Solera Holdings, Inc. to Enhance Engagement among Vehicle Owners, Manufacturers, Dealers and Service Providers by Acquiring DMEautomotive, LLC".
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