Agreement gives Solera 100% ownership of Identifix
Solera Holdings Inc. has agreed to acquire 100% ownership of Identifix, which develops proprietary data-driven digital systems and applications that help automotive repair professionals to diagnose and repair vehicles.
Solera purchased 50% of Identifix in November 2013 in connection with its Service Repair Solutions (SRS) joint venture with Welsh Carson Anderson & Stowe (WCAS), a New York-based investment firm. Solera will purchase the remaining SRS joint venture interests from WCAS for approximately $594.8 million in cash plus WCAS's approximate share of SRS's present cash balance.
After buying half of Identifix, Solera acquired automotive service and customer relationship management ("CRM") software companies AutoPoint (acquired from the SRS joint venture in April 2014), Service Dynamics and DMEautomotive. Today, Solera's SMR platform 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 (service, maintenance and repair ) vertical and an important pillar of our digital risk and asset management platform," says 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% 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 to digitally manage the buying, maintaining and selling of vehicles.
For more information about Solera, visit www.solerainc.com.
Located in Roseville, Minn., Identifix is a source for vehicle diagnostics, OEM service and repair information, factory scheduled maintenance plans, and reliable estimating. For more information, visit www.identifix.com.