WESTLAKE, Texas, July 11, 2012 /PRNewswire/ -- Solera Holdings, Inc. (NYSE: SLH), the leading global provider of software and services to the automobile insurance claims processing industry, today announced that one of its subsidiaries has signed a definitive agreement to acquire substantially all the assets of PS Holdings, L.L.C. (the "Acquisition"), whose services are sold under the "APU" brand name. The Acquisition is subject to certain conditions to closing and is expected to close in the first quarter of Solera's fiscal year 2013.
APU is a cloud-based locator of recycled, aftermarket, reconditioned and surplus original equipment parts for the vehicle repair industry. Based in the United States, APU sources these alternative parts from its extensive, qualified network of automotive recyclers, parts distributors, dealers and manufacturers. APU's customer base consists primarily of insurance carriers, including many of the top U.S. insurance carriers. In the U.S., parts purchases represent over 40% of the cost of vehicle collision repair, and insurance carriers view access to a robust total parts supply solution as a critical driver in reducing claims severity.
"This Acquisition will be an important milestone in our ongoing effort to provide our customers with software applications and decision support tools that facilitate electronic vehicle parts trading. APU links the demand for parts channeled through our core estimatics with the supply of parts in the collision repair chain, driving additional value to our customers," said Tony Aquila, Solera's founder, Chairman and Chief Executive Officer. "APU will build on and extend the part procurement capabilities we deliver through our Audatex and Hollander businesses in the U.S. and abroad. Because of this, we are excited about the opportunities to leverage APU solutions outside the U.S. to help insurers effectively manage their part costs."
About SoleraSolera is the leading global provider of software and services to the automobile insurance claims processing industry. Solera is active in over 60 countries across six continents. The Solera companies include Audatex in the United States, Canada, and in more than 45 additional countries, Informex in Belgium and Greece, Sidexa in France, ABZ and Market Scan in the Netherlands, HPI in the United Kingdom, Hollander serving the North American recycling market, AUTOonline providing salvage disposition in a number of European and Latin American countries, IMS providing medical review services, and Explore providing data and analytics to United States property and casualty insurers. For more information, please refer to the company's website at http://www.solerainc.com. Cautions about Forward-Looking Statements