Solera to acquire Omnitracs and DealerSocket
Texas-based Solera announced that it will acquire Omnitracs, a complete fleet management platform, and DealerSocket, a SaaS provider to the automotive industry. Financial terms were not disclosed.
Founded in 2005, Solera is a provider of risk management, asset protection software and services to the automotive industry and property insurance marketplace. Solera’s software and data assets power the value-chain of a vehicle from purchase to claims, repair and resale. These acquisitions will build upon Solera’s strategy to minimize complexity and reduce friction at all touchpoints in the vehicle lifecycle with fully integrated intelligent technology platforms.
“Solera is the driving force behind the rapid digitization of the vehicle lifecycle, delivering intelligent, data-driven, mission-critical solutions for our customers. These highly strategic acquisitions will enable us to expand into adjacent verticals and capitalize on emerging trends in our industry. Solera’s unique position in a large and growing market allows us to transform the industry through innovation, proprietary data assets, unmatched scale and deep customer relationships.” – Darko Dejanovic, Chief Executive Officer of Solera.
With Omnitracs, Solera will offer a unified platform that encompasses safety, productivity and maintenance solutions for commercial fleets.
“By joining Solera, Omnitracs will be able to further extend our converged solutions, both in and on the vehicle, into fleet lifecycle management services while also extending our access to new markets.” – Ray Greer, Chief Executive Officer of Omnitracs.
The addition of DealerSocket’s platform completes an end-to-end suite of solutions for automotive dealerships, combining customer acquisition and retention solutions, inventory management, dealership management systems, e-titling and a ‘unique’ service and maintenance platform.
“The combination of DealerSocket with Solera allows us to offer dealerships a fully unified platform to simplify workflows and enables us to become the digital backbone across all areas of a connected dealership, simplifying and improving the retail experience. We are thrilled to join the Solera team.” – Sejal Pietrzak, Chief Executive Officer of DealerSocket.
The acquisitions are expected to close during the second quarter of calendar year 2021, subject to definitive agreements that will include customary closing conditions, including regulatory approvals.