Solera Holdings Inc. (NYSE: SLH) is picking up a 50 percent stake in a parent company of Service Repair Solutions Inc. for $289 million.
Service Repair, headquartered in Las Vegas, provides databases and workflow services to the maintenance and repair markets. The company’s database includes more than 800,000 mechanical diagnoses.
Westlake, Texas-based Solera provides software and services to the automobile insurance claims processing and support industries. Solera expects the deal to allow it to monitor decisions related to the total cost of car ownership.
The stake is being sold by an affiliate of New York private equity firm Welsh Carson Anderson & Stowe. The firm focuses on business services and health care investments, and has raised more than $20 billion in capital.