Solera Holdings announced that it will acquire the Omnitracs fleet management platform to expand its position as a global technology provider operating in the vehicle lifecycle management ecosystem.

Solera's software and data assets power the value-chain of a vehicle from purchase to claims, repair and resale, company officials said in a press release. The acquisition will build upon Solera's strategy to “minimize complexity and reduce friction at all touchpoints in the vehicle lifecycle with fully integrated intelligent technology platforms,” they said.

With Omnitracs, Solera will offer a unified platform that encompasses safety, productivity and maintenance solutions for commercial fleets.

"By joining Solera, Omnitracs will be able to further extend our converged solutions, both in and on the vehicle, into fleet lifecycle management services while also extending our access to new markets," said Omnitracs CEO Ray Greer.

Solera announced it also will acquire DealerSocket, a Software as a Service provider to the automotive industry. The addition of DealerSocket's platform completes an end-to-end suite of solutions for automotive dealerships, combining customer acquisition and retention solutions, inventory management, dealership management systems and e-titling.

"These highly strategic acquisitions will enable us to expand into adjacent verticals and capitalize on emerging trends in our industry,” said Solera CEO Darko Dejanovic. 

The acquisitions are expected to close during the second quarter of 2021, subject to definitive agreements that will include customary closing conditions. Financial terms were not disclosed.