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Buyout firms Vista Equity Partners and Thoma Bravo LLC have made
offers that failed to meet Solera's valuation expectations, the
people said.
Solera is now trying to sell itself to another company rather
than an investment firm, the people said. Among the companies
Solera has reached out to solicit interest is IHS Inc, an
information services company based in Englewood, Colorado, the
people added.
IHS declined to comment.
Westlake, Texas-based Solera did not immediately respond to a
request for comment.
Thoma Bravo is trying to improve on its offer by increasing the
amount of money it is seeking to borrow from banks for the deal,
some of the people said. It is not clear if banks will provide
Thoma Bravo with the financing it needs.
The sources asked not to be identified because the negotiations
are confidential.
Thoma Bravo and Vista Equity both declined to comment.
Solera, founded in 2005, has a market capitalization of $3.22
billion.
On Aug. 20 Solera said it was exploring a "variety of strategic
alternatives." The company hired Rothschild as its financial
adviser while its board of directors' special committee hired
adviser Centerview Partners LLC and the law firm Sullivan &
Cromwell.
According to Solera's website, the company's clients include the
10 largest insurance companies in Europe and the United States.
Private equity firms have been active acquirers of insurance
services providers, attracted by their resilience in financial
downturns
(Reporting by Liana B. Baker and Greg Roumeliotis; Editing by
Leslie Adler)
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