WESTLAKE, Texas (July 16, 2015) — Software provider Solera Holdings Inc. has agreed to buy outright Identifix Inc., an online vehicle diagnostics database and service provider.
Solera purchased 50 percent of Identifix in 2013 in connection with its Service Repair Solutions (SRS) joint venture with Welsh Carson Anderson & Stow (WCAS).
Solera has since acquired automotive service and customer relationship management software companies AutoPoint, Service Dynamics and DMEautomotive.
Under terms of the agreement, Solera will purchase the remaining SRS joint venture interests from WCAS for a purchase price of about $594.8 million in cash plus WCAS' approximate share of SRS' present cash balance of $25 million.
The acquisition is subject to certain closing conditions.
“Identifix is a one-of-a-kind asset for the SMR (service, maintenance and repair) vertical and an important pillar of our digital risk and asset management platform,” said Tony Aquila, Solera's founder, chairman and CEO.
“Since our initial investment, the Identifix business has performed in-line with our expectations and has achieved double-digit revenue growth each year. One-hundred-percent ownership of Identifix will not only allow us to introduce the power of Identifix to international markets, but will also accelerate the integration of our industry-leading SMR solution into our Digital Garage app.”