Unedited news and product information from vendors.
Solera Holdings, Inc. Announces Closure of FTC Investigation and Receives FTC Approval for Divestiture of United States and Canadian Businesses of Actual Systems
Jul 23, 2013 (12:07 PM EDT)
WESTLAKE, Texas, July 23, 2013 /PRNewswire/ -- Solera Holdings, Inc. (NYSE: SLH), the leading global provider of software and services to the automobile insurance claims processing industry, today announced that the U.S. Federal Trade Commission (the "FTC") is closing an investigation into Solera's May 29, 2012 acquisition of Actual Systems of America, Actual Systems UK Limited and Beech Systems Limited (collectively "Actual Systems"). Pursuant to the termination of the investigation, and without admitting any violation of the law, Solera has agreed to enter into a consent order with the FTC relating to the salvage yard management system business and will effect a voluntary divestiture of the United States and Canadian businesses of Actual Systems to a purchaser group substantially composed of the former shareholders of Actual Systems.
Solera is the leading global provider of software and services to the automobile insurance claims processing industry. Solera is active in over 60 countries across six continents. The Solera companies include Audatex in the United States, Canada, and in more than 45 additional countries, Informex in Belgium and Greece, Sidexa in France, ABZ and Market Scan in the Netherlands, HPI in the United Kingdom, Hollander serving the North American recycling market, AUTOonline providing salvage disposition in a number of European and Latin American countries, IMS providing medical review services, and Explore providing data and analytics to United States property and casualty insurers. For more information, please refer to the company's website at http://www.solerainc.com.
Cautions about Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding our divestiture of the United States and Canadian businesses of Actual Systems. 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 our business, including, without limitation that the terms of the divestiture remain subject to the continued consent and approval of the FTC. For a discussion of factors that could impact our operations or financial results and cause our results to differ materially from those in the forward-looking statements, please refer to our filings with the Securities and Exchange Commission, particularly our Quarterly Report on Form 10-Q for the Quarter Ended March 31, 2013. 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.