Solera Holdings to acquire German claims providerMay 27, 2014
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Solera Holdings Inc., a global provider of software and services to the automobile insurance claims processing and decision support industries, said May 27 it has signed an agreement to acquire sachcontrol AG, a property claims business based in Dresden, Germany.
The acquisition is subject to certain closing conditions and is expected to close in the fourth quarter of Solera’s fiscal year ending June 30.
Tony Aquila, Solera’s founder, chairman and chief executive officer, said the acquisition represents the company’s most significant investment yet in strengthening its property claims platform and further extends Solera’s footprint in Germany and Austria.
“sachcontrol will provide leverage to our joint customers by increasing the returns we deliver to them through both high-value auto and property solutions,” Aquila said in a news release.
Earlier on May 12 Solera announced it will acquire the claims-related products and services from the Sherwood group of companies in the United Kingdom and will purchase 100 percent of the insurance and services division of Pittsburgh Glass Works LLC for $280 million in cash.
Both of those transactions also are expected to close in the fourth quarter.
Solera Holdings is headquartered in Westlake and trades on the New York Stock Exchange under the symbol SLH.
On May 7, the company reported revenue for the third quarter ended March 31, 2014, of $262.4 million, a 22.3 percent increase over the prior year third quarter revenue of $214.6 million. After adjusting for changes in foreign currency exchange rates, revenue for the third quarter increased by 21.9 percent over the prior year third quarter revenue. Net income for the third quarter was $19.9 million, a 7.4 percent decrease over prior year third quarter net income of $21.5 million.