Solera Holdings Signs JV Agreement with Welsh, Carson, Anderson & Stowe
Solera Holdings, Inc. (NYSE: SLH), a leading global provider of software and services to the automobile insurance claims processing and decision support industries, today announced that it has signed a definitive agreement to purchase equity interests in a parent company of Service Repair Solutions, Inc. ("SRS") from an affiliate of Welsh, Carson, Anderson & Stowe ("Welsh Carson"), a leading private equity firm (the "Joint Venture"). The transaction is subject to customary closing conditions, including Hart-Scott-Rodino clearance, and is expected to close in Solera's second quarter of fiscal year 2014.
SRS is a leading provider in the $200B service, maintenance and repair market with proprietary databases and workflow solutions. The combination of Solera and SRS will expand Solera's reach deeper into household decisions related to the total cost of automobile ownership. This marks yet another step as Solera strengthens its insurance carrier, auto dealer, mechanical and collision repair facility, and OEM relationships.