Solera to Acquire Explore Information ServicesMonday, April 25, 2011
Solera Holdings Inc., a San Diego provider of software to the auto insurance claims industry, said April 25 it agreed to purchase Explore Information Services LLC, a provider of database insurance technologies, in an all cash transaction valued at about $520 million.
Solera said the transaction, which is expected to close by the end of September, was made with Explore Information’s parent firm, Altegrity Inc., mainly owned by Providence Equity Partners, a global private equity firm specializing in equity investments in media, entertainment, communications and information companies.
With the acquisition, Solera said it will continue its expansion into the re-underwrting and analytics products and services for the property and casualty insurance industry.
Explore Information had annual revenue of $76.8 million in 2010, and earnings before income tax and depreciation of $33.9 million, Solera said. The transaction is expected to add 15 to 17 cents per diluted share net income to the company’s 2012 fiscal year, Solera said.
— Mike Allen