WESTLAKE, Texas, Sept. 27, 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 100% (the "Acquisition") of Title Technologies, Inc. ("TitleTec"). The Acquisition is subject to certain conditions to closing and is expected to close in the second quarter of Solera's fiscal year 2013.
TitleTec's proprietary web-based platform allows automotive dealerships to streamline operations and improve the customer purchasing experience by assembling and processing the data necessary to electronically register a vehicle, produce a title, and issue a permanent or temporary tag real-time at the point of sale. TitleTec will leverage Explore's broad footprint and state-based data services expertise to extend its market reach beyond its current presence in Florida, Georgia and Virginia.
"TitleTec's expertise in gathering and processing title, lien and registration data will provide our North American businesses with important transaction-based revenue diversification for our driver information services platform. This acquisition represents a critical step toward delivering a robust salvage solution across North America," said Tony Aquila, Solera's Founder, Chairman and Chief Executive Officer. "We are excited to serve dealerships in the U.S. by delivering the high-ROI products and services that our insurance and body shop customers worldwide have come to expect from us."
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