Solera to Acquire Leading Vehicle Intelligence Company Spireon

Solera to Acquire Vehicle Intelligence Company Spireon

Solera says this acquisition will expand its fleet solutions 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.

You May Also Like

Honda, LG Energy Solution Invest in EV Battery Plant

The two companies will commit to investing $3.5 billion and creating 2,200 jobs in Fayette County, Ohio.

Honda and LG Energy Solution announced their new joint venture (JV) battery plant will be located in Fayette County, Ohio, about 40 miles southwest of Columbus, where the two companies will commit to investing $3.5 billion and creating 2,200 jobs, pending final government approvals. The companies' overall investment related to the JV is projected to reach $4.4 billion.

Global Shop Solutions Marks 5-Year Milestone

The adoption of Cloud ERP greatly surpassed the five-year forecast, says the company.

DENSO Sponsors EcoCAR EV Challenge

DENSO is providing monetary and in-kind donations, including vehicle electrification components, mentorship and technical guidance.

Torqata to Host ‘Reinvent the Wheel’ Hackathon

The sharpest data science and engineering minds will be organized into 20 teams and challenged to drive sustainability by optimizing pick-up logistics for recycled tire feedstock.

Stanadyne Releases Electrified GDI Fuel Pump Module

The E-Pump Module enables fuel flow and pressure to be electrically controlled to optimize and reduce fuel consumption.

Other Posts

FleetPride Acquires TML Truck & Trailer Repair

Founded in 2012, TML Truck & Trailer Repair is a full-service shop operating on heavy-duty trucks and equipment. Its central footprint deepens FleetPride’s coverage in the region.

AP Emissions Acquired by Berkshire Hathaway’s Marmon Holdings

Founded in 1927, AP is known for high-quality emissions products and is headquartered in Goldsboro, North Carolina.

Fersa Group Acquires Majority Stake in Delux Bearings

The Spanish multinational company strengthens its global strategy by consolidating its position in India.

XL Fleet Acquired by The Shyft Group

The deal includes XL Fleet’s Wixom, Michigan, facility and a Department of Defense (DOD) pilot development agreement.