- Acquisition leverages Solera's unique Invent & Acquire ("I&A") strategy.
- Enservio's proprietary database of more than $10 billion in property contents information will add another component to Solera's Digital Home platform.
- Move signals accelerated expansion of Solera's asset management and risk protection technologies for life's most important assets.
WESTLAKE, Texas, July 19, 2016 /PRNewswire/ -- Solera Holdings, Inc., a global leader in cognitive technologies for the automotive and home ownership ecosystems, today announced it has entered into a definitive agreement to acquire 100% ownership of Enservio, Inc. the largest U.S. provider of SaaS-based software and services to the property contents insurance marketplace. This transaction, which aligns accretively with Solera's proprietary Invent & Acquire ("I&A") strategy, will accelerate the delivery of next-generation Digital Home applications for Solera's partners and property owners worldwide.
"Solera's mission is to create the smartest digital solutions that advance the ways we manage and protect life's most important assets," said Tony Aquila, Solera's founder, Chairman and CEO. "Our culture of doing it right, better and different is the foundation of our business, while our I&A system – which enables us to identify and integrate synergistic technologies anywhere in the world – provides the agility to innovate and proliferate our product platforms with extreme accuracy, performance and speed."
Since its founding in 2005, Solera has evolved from a garage-based startup into a global leader in intelligent data and software for the vehicle ownership lifecycle. The founder-led company, which continues to thrive on its mission to develop the most powerful asset management and risk protection technologies, is now accelerating its expansion from the garage into the home. Building upon its innovative digital solutions for property claims (which include predictive analytics and preemptive fraud detection), contents management (provided by LYNX Services and sachcontrol), and personal identity verification and security (provided by Explore Data and Digidentity), the announced acquisition of Enservio will add yet another component to Solera's expanding capabilities in the digital protection of all assets that are important to our ways of life.
"With more than $10 billion in contents claims history, Enservio's solutions are trusted by the finest and most reputable insurers in the U.S.," said Aquila. "We look forward to working with Enservio's leadership team to deliver even more innovative solutions to all participants in the asset ownership marketplace... at a pace faster than ever before."
The acquisition of Enservio is subject to certain closing conditions and is expected to close during the quarter ended September 30, 2016.
Founded and continuously led by inventor and entrepreneur Tony Aquila, Solera is a global technology leader in intelligent data and software systems that digitally transform the ways we manage life's most important assets – the vehicle and the home. Solera's solutions and services bring together consumers, insurers, banks, governments, manufacturers, owners, wholesalers, retailers, and service and repair industries, into digitally unified ecosystems that enable the management, protection and security of assets throughout their lifecycles. Solera processes over 240 million transactions annually for approximately 200,000 partners in 78 countries. Solera's global product platforms include Audatex, AutoPoint, CAP/HPI, Digidentity, Explore Data, Hollander, Identifix, Inpart and TitleTec, as well as the company's flagship application, Digital Garage. Since its inception in 2005, Solera has grown aggressively with 40 acquisitions across its Risk Management Solutions, Service Maintenance & Repair, and Customer Retention Management platforms. Unified by a strong culture that values uncommon thinking and continuous "do it different" innovation, Solera's global workforce of 5,500 associates comes from a wide range of forward-thinking industries such as automotive technology, consumer mobility, artificial intelligence, mobile communications, identity protection, and digital security. In 2007, Solera went public on the NYSE under the stock symbol "SLH", and went private in 2016 in a $6.5 billion transaction backed by leading investors that included Vista Equity Partners, Koch Industries and Goldman Sachs. For more information, please visit www.solera.com, or connect with us at fb.com/solerainnovation. Solera is also on Twitter @solerainc and Instagram @soleraworks. To learn more about our elite innovation teams, please visit r3pi.io, fb.com/solerar3pi or on Instagram @solerar3pi.
Enservio offers the industry's most robust contents software platform as well as world-class contents claims services that bring value to the entire spectrum of contents claims management. Insurance carriers rely on the Enservio platform to achieve the highest quality business outcome for their contents programs, driving superior policyholder satisfaction and efficient workflow. Founded in 2004 and backed by Bain Capital Ventures and Matrix Partners, Enservio is headquartered in Needham, MA, with offices and professional staff across the U.S. For additional information, visit www.enservio.com.
Cautions about Forward-Looking Statements
This press release contains forward-looking statements, including statements about: the benefits of the acquisition of Enservio (the "Acquisition"), including but not limited to the acceleration of the delivery of next generation Digital Home applications for Solera's and Enservio's partners and property owners worldwide, and Solera's and Enservio's expanded capabilities to provide asset management and risk protection technologies and solutions; and the benefits and value of products and services to Solera's and Enservio's customers, either alone or in conjunction with the products and services of other Solera group companies. 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 Enservio'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 Enservio's solutions with or into other Solera group offerings, including but not limited to, any Digital Home applications; continued adoption of Enservio's and the Solera group's products and services; effects of competition on product and service pricing and Enservio'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.