Solera Holdings Inc. has agreed to purchase the remaining shares of Identifix, a company offering cloud-based vehicle-service, maintenance and repair technology. Solera is a technology company offering risk and asset management software and services to P&C insurers and the automotive and property marketplace.
Solera purchased half of the company in November 2013 in a joint venture with Welsh Carson Anderson & Stowe. Solera will purchase the remaining interests for $594.8 million in cash, plus investment company Welsh Carson Anderson & Stowe’s approximate share of SRS's present cash balance, which share is $25,000,000. Solera has expanded its market presence through acquisitions, including AutoPoint, acquired in April 2014, Service Dynamics and DMEautomotive. Solera's SMR platform covers more than 50,000 rooftops and is used by more than 275,000 auto technicians to process more than one million SMR events each week.
"Identifix is a one-of-a-kind asset for the SMR vertical and an important pillar of our digital risk and asset management platform," said Tony Aquila, Solera's founder, chairman and CEO. "Since our initial investment, the Identifix business has performed in-line with our expectations and has achieved double-digit revenue growth each year. 100 percent ownership of Identifix will not only allow us to introduce the power of Identifix to international markets, but will also accelerate the integration of our industry-leading SMR solution into our Digital Garage app."
The Digital Garage is a mobile app invented by Solera to help both automotive service providers and drivers digitally manage the buying, maintaining and selling of vehicles, Solera said.
"Over the past nine years, we've invested over $3 billion to acquire 35 key businesses," Aquila said. "We are now accelerating our focus on leveraging synergies to expand our leadership in risk and asset management, including our growing digital SMR and CRM businesses, as well as our upcoming Digital Garage app."
