Solera to Acquire Omnitracs and DealerSocket
Expanding its Capabilities as the Global Data Intelligence and Technology Leader in Vehicle Lifecycle Management
WESTLAKE, Texas, May 17, 2021 /PRNewswire/ -- Solera Holdings, Inc. ("Solera") today announced that it will acquire Omnitracs, a complete fleet management platform, and DealerSocket, a leading SaaS provider to the automotive industry. These acquisitions will extend Solera's position as the preeminent global data intelligence and technology leader serving all constituents engaged in vehicle lifecycle management.
Global Leadership in Vehicle Lifecycle Management
With operations in more than 90 countries, Solera is the global technology leader operating in a highly complex vehicle lifecycle management ecosystem. Solera's software and unique data assets power the value-chain of a vehicle from purchase to claims, repair and resale. These acquisitions will build upon Solera's strategy to minimize complexity and reduce friction at all touchpoints in the vehicle lifecycle with fully integrated intelligent technology platforms.
"Solera is the driving force behind the rapid digitization of the vehicle lifecycle, delivering intelligent, data-driven, mission-critical solutions for our customers," said Darko Dejanovic, Chief Executive Officer of Solera. "These highly strategic acquisitions will enable us to expand into adjacent verticals and capitalize on emerging trends in our industry. Solera's unique position in a large and growing market allows us to transform the industry through innovation, proprietary data assets, unmatched scale and deep customer relationships."
With Omnitracs, Solera will offer a unified platform that encompasses safety, productivity and maintenance solutions for commercial fleets.
"By joining Solera, Omnitracs will be able to further extend our converged solutions, both in and on the vehicle, into fleet lifecycle management services while also extending our access to new markets," said Ray Greer, Chief Executive Officer of Omnitracs.
The addition of DealerSocket's cutting-edge platform completes an end-to-end suite of solutions for automotive dealerships, combining customer acquisition and retention solutions, inventory management, dealership management systems, e-titling and a unique service and maintenance platform.
"The combination of DealerSocket with Solera allows us to offer dealerships a fully unified platform to simplify workflows and enables us to become the digital backbone across all areas of a connected dealership, simplifying and improving the retail experience. We are thrilled to join the Solera team," said Sejal Pietrzak, Chief Executive Officer of DealerSocket.
The acquisitions are expected to close during the second quarter of calendar year 2021, subject to definitive agreements that will include customary closing conditions, including regulatory approvals. Financial terms were not disclosed.
Kirkland & Ellis LLP is advising Solera on the acquisition. Greenberg Traurig, LLP is serving as legal counsel to Omnitracs and Ropes & Gray LLP is serving as legal counsel to DealerSocket.
About Solera
Solera is a global leader in risk and asset management data and software, empowering companies across the automotive and insurance ecosystem with trusted solutions to support connectivity across the vehicle value chain. Solera's solutions bring together customers, insurers, and suppliers, empowering smarter decision-making through service, software, enriched data, proprietary algorithms, and machine learning that come together to deliver insight and are designed to ensure customers' vehicles and property are optimally maintained and expertly repaired. Solera serves over 235,000 customers and partners in more than 90 countries across six continents. By drawing on the market-leading solution capabilities and business process best practices from its technologies around the world, Solera provides unsurpassed scale and strength with superior performance while delivering innovation to move the industry forward.
About Omnitracs
Omnitracs offers the only complete fleet intelligence software platform. Serving the largest for-hire and private fleets in the transportation and distribution industries, Omnitracs's best-in-class solutions accelerate business success, improve efficiency, and enhance the driver experience for nearly 15,000 customers who collectively travel 250 million miles per week. Omnitracs pioneered digital transformation in trucking more than 30 years ago, and today offers a one-stop shop for enterprise-grade, data-driven solutions across compliance, telematics, workflow, routing, and video safety in over 50 countries across the globe. For more information, visit www.omnitracs.com.
About DealerSocket
DealerSocket serves over 9,000 automotive dealerships with best-in-class solutions for customer relationship management, digital retailing/marketing, websites, inventory management and analytics solutions, as well as leading enterprise-level dealership management systems. DealerSocket solutions transform the automotive experience with innovations and unparalleled, award-winning customer service. For more information, visit www.dealersocket.com.
Cautions Regarding Forward-Looking Statements
This press release contains forward-looking statements, including statements about: the expected execution of definitive agreements relating to, and expected consummation of, Solera's acquisitions of Omnitracs and DealerSocket (together, the "Acquisitions"); the expected financial, operational and strategic benefits of the Acquisitions; the expected benefits and value of current and future products and services to Solera's, Omnitracs's and DealerSocket's customers, either alone or in conjunction with the products and services of other Solera group companies; and operational efficiencies that may be achieved by the combined companies as a result of the Acquisitions. These statements are based on Solera's current expectations, estimates and assumptions and are subject to many risks, uncertainties and unknown future events that could cause actual results to differ materially from such forward-looking statements. 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.
Contacts
Joele Frank, Wilkinson Brimmer Katcher
Jed Repko / Ed Trissel
212-355-4449
Media@solera.com
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