Solera eyes development in dealership tech, with acquisition final 12 months of DealerSocket

Solera and DealerSocket each had been portfolio firms of personal fairness agency Vista Fairness Companions earlier than Solera acquired DealerSocket. Vista purchased a stake in DealerSocket in 2014, and according to Vista’s website, a Vista fund took Solera personal in 2016.

In June 2021, Solera acquired DealerSocket and Omnitracs, which offers fleet administration software program. It added Spireon, which offers aftermarket telematics instruments, in March.

Bloomberg final 12 months reported that Vista Equity Partners was considering taking Solera public by means of a special-purpose acquisition firm earlier than the deal was halted. The Solera spokeswoman mentioned by way of e mail this month that “Solera has a longstanding coverage to not touch upon market rumors or hypothesis.”

Solera eliminated an unspecified number of positions following its acquisition of DealerSocket.

The spokeswoman mentioned that “there was a interval of restructuring and modifications inside the group. Whereas there have been positions that had been consolidated, there have been additionally many extra created since that acquisition.”

The corporate says it has greater than 7,000 workers at this time. Solera didn’t get away the variety of workers in its dealership expertise enterprise.

Cairo mentioned Solera has greater than $2.5 billion in income, although the corporate didn’t get away income for the dealership enterprise.

Solera says it has greater than 20,000 franchised and impartial dealership clients, but it surely didn’t say what proportion are franchised shops.