CAP AUTOMOTIVE has been acquired by leading provider of risk and asset management software and services Solera Holdings Inc for £295m.
US brand Solera provides software and services to the global property and casualty insurance industry. It is focused on risk and asset management of vehicles as well as property.
It has a long-established presence in the UK, already owning HPI and Audatex, and it is active in more than 70 other countries worldwide.
The acquisition of CAP creates the only UK-based enterprise with decision support data and software solutions spanning vehicle valuation, validation, collision and mechanical repair and total cost of ownership.
As a Solera company, CAP will be able to take advantage of the fact that Solera is a worldwide operation, enabling the rapid development and deployment of products that will add unique value to both CAP and Solera customers.
Ian Rendle, CAP Automotive CEO, said: ‘CAP’s market-leading data, risk and asset management expertise, and dedication to enabling informed customer decisions makes us a natural fit in the Solera family. In taking this exciting step, I am most excited by the opportunities it will bring for our customers.’
Tony Aquila, Solera’s founder, chairman and CEO, added: ‘The acquisition of CAP is the latest in a series of investments in Solera’s risk and asset management strategy, adding capabilities that create a unique ‘‘digital garage”.
‘Expanding Solera’s valuation services through CAP will connect Solera’s investments and grow its presence in each phase of the vehicle lifecycle.’
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