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Low-Key Firm Makes Big Purchase

A San Diego company is poised to acquire a unit of a Fortune 500 corporation , and 2,000 new employees , with the help of a Chicago venture capital firm.

The partnership will pay close to $1 billion cash.

Solera, Inc., which has an office on El Camino Real, announced Feb. 9 that it had reached a definitive agreement to acquire Automatic Data Processing’s insurance claims services group for $975 million cash. The deal could close within 90 days.

The ADP unit is headquartered in the Bay Area city of San Ramon; ADP is based in New Jersey.

John Schwinn, senior vice president at Solera, declined any comment until the purchase closes. Schwinn declined to say how many people Solera employed as of Jan. 1 , that is, before the acquisition.

Solera was formed in February 2005 by Tony Aquila in partnership with GTCR Golder Rauner LLC.

Aquila, who is Solera’s chief executive, is a former president and chief operating officer of Scripps Ranch-based Mitchell International. Mitchell is also in the insurance claims business.

GTCR Golder Rauner is a private equity investment firm based in Chicago with more than $6 billion under management.

, Brad Graves

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