US-based private equity firm Vista Equity Partners, through its affiliate, has agreed to acquire insurance software provider Solera Holdings, for around $6.5bn.
Under the deal, Vista will pay $55.85 per Solera share in cash, representing a premium of 53% over its closing share price of $36.39 on 3 August.
The other investors in the deal include an affiliate of Koch Equity Development, the investment and acquisition subsidiary of Koch Industries and an affiliate of Goldman, Sachs & Co.
Vista founder, chairman and CEO Robert Smith said: "For almost half a century, Solera has been serving the insurance and automotive industries with innovative software and information solutions."
Solera provides risk and asset management software and services to the automotive and property marketplace, comprising global property and casualty (P&C) insurance industry.
With operations in around 75 countries across the globe, the Solera includes firms such as Audatex that operates in the US, Canada and more than 60 counries.
It also comprises firms such as HPI, CarweB and CAP Automotive in the UK, Informex in Belgium and Greece, Sidexa in France, ABZ and Market Scan in the Netherlands.
Solera’s Explore offers data and analytics to the US property and casualty insurers, while its I&S provides software and business management tools, third-party claims administration, first notice of loss and network management services to the US auto and property repair industries.
Solera founder, chairman and CEO Tony Aquila said: "This transaction delivers immediate compelling value to our stockholders and represents a pivotal milestone for Solera in partnering with Vista."
Subject to customary closing conditions and regulatory approvals, the deal is expected to complete by the end of the first quarter of 2016.
Image: Vista Equity Partners to buy insurance software provider Solera. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.