Solera Holdings, which recently acquired the Insurance and Services Division of Pittsburgh Glass Works, including LYNX Services, GTS Services and Glaxis, has signed a definitive agreement to acquire sachcontrol AG, a property claims business based in Dresden, Germany.
The acquisition is subject to certain closing conditions and is expected to close in the fourth quarter of Solera’s fiscal year ending June 30, 2014, according to officials.
sachcontrol is a leading property claims management provider in Germany. By comparing property repair invoices against its proprietary database of standardized market prices for materials, labor and repair processes, sachcontrol is able to reduce severity costs for its insurance customers, according to officials. sachcontrol’s database contains millions of data points, localized by postal code covering thousands of repair steps across multiple building trades.
“This acquisition represents our most significant investment yet in strengthening our property claims platform and further extends our reach into the household in Germany and Austria,” says Tony Aquila, Solera’s founder, chairman and CEO.
“sachcontrol will provide leverage to our joint customers by increasing the returns we deliver to them through both high-value auto and property solutions,” he adds. Working with sachcontrol’s management, we see an exciting opportunity to leverage Solera’s global footprint to bring sachcontrol’s property solutions to new geographies over time.”