Solera Holdings announced that it has signed a definitive agreement to acquire Spireon from Greenbriar Equity Fund IV to strengthen its position as a provider of AI-powered software, services, and data assets.
Spireon currently serves over 13,000 customers in the automotive, fleet, trailer, and asset sectors with nearly 4 million connected devices that generate over 900 billion data points on its cloud native IoT platform each year.
Spireon delivers insights to help customers in these sectors track, manage, and protect their 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."
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.
"I am extremely excited about the acquisition by Solera and the opportunities it will bring our customers and employees," said Kevin Weiss, CEO of Spireon. "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.”
Originally posted on Work Truck Online