ENGLEWOOD, Colo. (Dec. 28, 2015) — IHS Inc. has expanded its used vehicle history services with the $460 million acquisition of Carproof Corp., a Canada-based company that offers products and services in vehicle history, appraisal and valuation for the automotive industry.
IHS, which in 2013 acquired Carfax, a U.S. vehicle history service, said it will provide more details on the Carproof acquisition during its fourth-quarter and year-end 2015 earnings call on Jan. 12.
London, Ontario-based Carproof, founded in 2000, provides automobile history reports to dealers, auto auctions, original equipment manufacturers, lenders, insurers, governments, law enforcement agencies and consumers.
“Like Carfax, Carproof is a high-growth business and gives IHS the opportunity to expand our vehicle history report services into Canada,” said Jerre Stead, IHS chairman and CEO.
“By combining the capabilities of Carproof and Carfax, we also will accelerate product development to better serve the needs of our customers. This acquisition will add a highly accretive revenue-growth and EBITDA-margin business for IHS, and provide significant room for further growth.”