Thursday, September 17, 2009
Solera Holdings Buys German Firm
San Diego-based Solera Holdings, which develops software and services for the automobile insurance claims processing industry, said this morning that it has signed a definitive agreement to acquire AUTOonline GmbH Informationssyteme. Solera said it will buy 85% of AUTOonline's outstanding share capital for approximately $85M, with rights to purchase the remaining stake in AUTOonline at ten times AUTOonline's consolidated EBITDA, after December 31st. AUTOonline GmbH operates an online marketplace for auto salvage and fleet remarketing. Vehicle rebuilders, dismantlers, and dealers compete for vehicles on the exchange. Solera Holdings said it estimates that AUTOonline will have revenues of $25.9M and EBITDA of $9.6M for the year ending December 31st.