Vista-backed auto data firm Solera files confidentially for IPO

Enjoy complimentary access to top ideas and insights — selected by our editors.

(Bloomberg) –Vista Equity Partners-backed automotive data and software services provider Solera Global Corp. has filed confidentially for an initial public offering.

Westlake, Texas-based Solera announced the filing in a statement Wednesday and didn’t offer any additional details. Its IPO could launch as soon as July and raise more than $1 billion, Bloomberg News has reported. The company has picked banks including Goldman Sachs Group Inc., Morgan Stanley, Bank of America Corp. and Jefferies Financial Group Inc. to work on the offering, people familiar with the matter have said.

Solera is a global software-as-a-service provider of integrated vehicle life-cycle and fleet management. It helps clients including insurers address vehicle claims, repairs and fleet management. Solera serves more than 300,000 customers, according to a statement in March.

In 2016, Vista led a group of investors including a unit of Koch Industries Inc. that took Solera private in a deal that valued the company at about $6.5 billion, a statement at the time showed.

Vista entered negotiations in 2021 to merge Solera, as well as its companies DealerSocket Inc. and Omnitracs, with a special purpose acquisition company in a $15 billion transaction, Bloomberg News reported. The talks were halted, and Solera subsequently acquired DealerSocket and Omnitracs. 

Solera also acquired digital driver risk management firm eDriving and Australian insurance technology provider ENData Pty Ltd. later that year.