Solera Holdings, a global software and services provider to the automobile insurance claims processing industry, through one of its subsidiaries has entered into a definitive agreement to acquire 100% of the equity interests of Pusula Otomotiv.
The acquisition, which will boost its footprint in Turkey, is expected to complete during the first quarter of Solera’s fiscal 2014 and is subject to approvals from concerned regulators as well as certain closing conditions.
Linking buyers, including total loss vehicle resellers, repair shops and spare parts recyclers, with sellers, insurers and fleet companies, Pusula offers vehicle disposition and titling services in Turkey through its web platform.
The acquired firm is the sole online automotive auction company in Turkey with an in-house title transfer capability, which boosts the value of its services to customers.
Solera founder, chairman and CEO Tony Aquila said that Pusula delivers an attractive value proposition to insurance companies and other participants in the salvage disposition process across Turkey.
"Combining Pusula’s strong management team, customer base and title transfer services with our existing business in Turkey will enhance our market position and accelerate growth in the rapidly expanding Turkish market," Aquila added.
Trading in more than 60 nations across six continents, Solera manages companies Audatex in the US, 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 UK, are also managed.