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Equities

Solera Eyes $1B IPO, Expands Auto Data Empire

Vista's Solera confidentially files for IPO, potentially raising over $1 billion with Goldman Sachs and Morgan Stanley leading.

By Alex P. Chase

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5/1, 16:56 EDT
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Key Takeaway

  • Solera Global Corp., backed by Vista Equity Partners, confidentially files for an IPO, potentially raising over $1 billion with Goldman Sachs and Morgan Stanley among the managers.
  • The company offers SaaS solutions for vehicle lifecycle and fleet management, serving over 300,000 clients globally.
  • Post-Vista acquisition in 2016 for $6.5 billion, Solera expanded through strategic acquisitions including DealerSocket Inc. and Omnitracs.

IPO Filing

Solera Global Corp., supported by Vista Equity Partners, has confidentially filed for an initial public offering (IPO), as announced in a recent statement. The automotive data and software services provider, based in Westlake, Texas, has not disclosed further details about the filing. Reports from Bloomberg News suggest that the IPO could be launched as early as July and might raise over $1 billion. Solera has selected Goldman Sachs Group Inc., Morgan Stanley, Bank of America Corp., and Jefferies Financial Group Inc. to manage the offering, according to sources familiar with the matter.

Company Background and Services

Solera operates globally, offering software-as-a-service (SaaS) solutions focused on integrated vehicle lifecycle and fleet management. The company's services are designed to assist clients, including insurers, in managing vehicle claims, repairs, and fleet operations efficiently. With a customer base exceeding 300,000, Solera has established a significant presence in its sector. The company's comprehensive solutions underscore its role in streamlining operations related to vehicle management and maintenance for a diverse clientele.

Strategic Acquisitions and Growth

Since being taken private in 2016 by Vista and a group of investors, including a unit of Koch Industries Inc., in a deal valuing the company at approximately $6.5 billion, Solera has pursued strategic growth through acquisitions. In 2021, Vista initiated negotiations to merge Solera with a special purpose acquisition company (SPAC) in a transaction estimated at $15 billion, though these talks were eventually halted. Following this, Solera expanded its portfolio by acquiring DealerSocket Inc. and Omnitracs, further solidifying its market position. The company also acquired eDriving, a digital driver risk management firm, and ENData Pty Ltd., an Australian insurance technology provider, enhancing its offerings and global reach.