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Solera to acquire vehicle intelligence company Spireon to expand its fleet and vehicle solutions and further strengthen its position as the global leader in AI-powered software and data services.
Solera Holdings, a leading global provider of integrated vehicle lifecycle and fleet management software-as-a-service, data, and services, has signed a definitive agreement to acquire Spireon, one of North America’s largest device-independent telematics and connected vehicle intelligence companies, from Greenbriar Equity Fund IV, L.P., a fund managed by Greenbriar Equity Group L.P.
Solera says its strategic acquisition of Spireon will further strengthen its position as a leading provider of AI-powered software, services, and data assets to four critical pillars of the vehicle lifecycle: vehicle claims, vehicle repair, vehicle solutions, and fleet solutions.
Spireon currently serves more than 13,000 customers in the automotive, fleet, trailer and asset sectors with nearly 4 million connected devices that generate over 900 billion discrete data points on its cloud native IoT platform each year. Spireon delivers powerful insights to help customers in these sectors track, manage and protect their most valuable assets.
“This acquisition is strategically aligned with our existing fleet and dealership growth strategies and will expand our customer base. It increases our total addressable market and adds significant opportunities for cross-selling and solution integration that benefit customers,” said Darko Dejanovic, CEO of Solera. “Bringing together Spireon’s IoT platform and Solera’s data assets creates a powerful, intelligent network that we believe improves safety, efficiency, and productivity across the vehicle lifecycle. Every addition to our data assets allows us to enhance a continuous cycle of insights that solves the issues our customers face today while proactively addressing the challenges they will face tomorrow.”
Kevin Weiss, CEO of Spireon, added, “I am extremely excited about the acquisition by Solera and the opportunities it will bring our customers and employees. Solera’s position as a growing, global leader can bring new avenues to expand Spireon’s IoT platform and solutions to address new customer challenges as well as global markets.”
“We are proud to have partnered with the world-class management team at Spireon,” said Michael Weiss, managing partner at Greenbriar. “By driving product innovation, commercial acceleration and supply chain scalability, we’re pleased to have supported the company through a period of strong performance. Spireon is poised for breakout growth as part of Solera.”
Subject to customary closing conditions and regulatory approval, the acquisition is expected to close in the first calendar quarter of 2022. Barclays is serving as the exclusive financial advisor to Solera, and Kirkland & Ellis is serving as legal counsel. Goldman Sachs and William Blair are serving as financial advisors to Spireon, with Hughes Hubbard & Reed serving as legal counsel.
Article Credit to aftermarketNews.
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