Solera Holdings, Inc., a global provider of software and services to the automobile insurance claims processing industry, announced that Hollander, Solera’s operating company that provides salvage yard management systems and parts locating software to the automotive recycling industry in the U.S. and Canada, has signed an agreement to purchase assets from Inventory Technology Systems, Inc., (ITS). The transaction is subject to certain conditions to closing and is expected to close in the fourth quarter of Solera’s fiscal year 2011.
ITS is a U.S.-based provider of solutions that enhance salvage yard profitability by managing recycled parts logistics and increasing inventory turnover. Proprietary workflow tools that control, track and account for alternative parts movement drive increasing operational efficiency at salvage yards. In addition to capturing a greater portion of sales opportunities, ITS’ parts identification and location solutions promote independent salvage yard growth and the creation parts trading co-operatives, according to the company. By bundling ITS products to the nearly 7,000 recycling yards in North America, Hollander says it will deliver an integrated solution that manages the key steps in the recycling of automotive parts. The combined ITS and Hollander technologies will provide for tighter collaboration between the insurance, collision repair and recycling industries.
"This is the fourth deployment of capital from the HEMI Initiative and by investing in Hollander, we continue to leverage our leadership in the automotive recycling community for the benefit of all constituents in the automotive claims process. We are excited about the opportunity to expand the delivery of these highly adaptable, web-based ITS products," said Tony Aquila, Solera’s founder, chairman and CEO.
