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Solera Holdings, Inc. Acquires Actual Systems; Acquisition Will Enhance Solera's Yard Management System Capabilities and Provide a Yard Management Footprint in New Countries
May 29, 2012 (03:05 PM EDT)
WESTLAKE, Texas, May 29, 2012 /PRNewswire/ -- Solera Holdings, Inc. (NYSE: SLH), the leading global provider of software and services to the automobile insurance claims processing industry, today announced that, through a series of transactions, it has acquired Actual Systems, a global provider of premier parts recycling yard management systems that are sold under the "Pinnacle" brand name ("Actual Systems"). The Pinnacle software applications are used by sophisticated parts recycling yard operators to manage their daily operations and seamlessly trade recycled parts. Actual Systems has successfully expanded beyond North America and penetrated Australia, the United Kingdom, the Netherlands, Ireland and Spain.
"Acquiring Actual Systems forms another leg of the strategic parts platform we are developing in North America," said Tony Aquila, Solera's founder, Chairman and Chief Executive Officer. "Further, the acquisition provides us with additional opportunities to create value for our clients and increase revenue per transaction for Solera operating entities outside of North America, especially as more countries embrace green parts recycling alternatives and engage in cross-border parts trading."
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 about: the benefits of our acquisition of Actual Systems; and the benefits of Actual Systems' products and services to customers; the value of Actual Systems' products and services, including increased revenue per transaction for Solera group companies; trends in parts recycling and trading; and historical statements, including statements about Actual Systems' geographic expansion, that may suggest trends for our business. 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: risks associated with and possible negative consequences of acquisitions, investments, joint ventures and similar transactions, including successfully integrating Actual Systems; the failure to realize the expected benefits from our acquisition of Actual Systems; risks associated with the uncertainty in and volatility of global economic conditions; effects of competition on our software and service pricing and our business; time and expenses associated with switching customers to new software and services; risks associated with operating in multiple countries; effects of changes in or violations by us or our customers of government regulations; rapid technology changes in our industry; our reliance on third-party products; and effects of security breaches on our business and reputation. For a discussion of these and other 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, 2012. 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.