US based Solera Holdings, Inc., who are probably best known in the UK as the owners of CAP and HPI have agreed a £340 million deal to buy technical information publisher Autodata from Bowmark Capital and Five Arrows Principal Investments, private equity firms who bought the company from it’s founders in 2014 for £143 million.
Talking about the deal, Solera’s CEO Tony Aquila said, “Throughout a car’s life, there are over 54 transactions that occur between motorists and automotive businesses. One of Solera’s missions is to digitize the vehicle ownership ecosystem by developing cognitive applications that not only power connectivity and engagement, but also proliferate awareness and transparency across the entire automotive lifecycle.”
Aquila adds, “Solera’s proprietary Invent & Acquire strategy drives both the innovation and proliferation of our data and software platforms. The acquisition of Autodata will not only complement our expanding/existing suite of digital SMR solutions, such as Identifix and Inpart, but will also accelerate the expansion of Solera’s asset protection and risk management solutions in emerging and maturing markets across the globe.”
Rod Williams, CEO of Autodata is quoted as saying, “Today’s motorists expect automotive service professionals not only to understand every vehicle make and model, but also to provide a faster and more accurate service at highly competitive prices. Joining the Solera family will not only amplify Autodata’s ability to meet the growing needs of the industry, but will also provide our customers and partners with access to Solera’s highly innovative mindset and forward-thinking solutions.”
Aquila concludes by saying, “Vehicles are not only being driven longer than ever before, but are becoming more technologically advanced and digitally sophisticated. The SMR industry must be prepared to manage this evolution in mobility with the right mindset, equipment and training. Solera’s integration of Autodata will accelerate delivery of the data and software that the global SMR marketplace needs today, as well as the innovative technologies and solutions that the industry will need tomorrow.”
