IHS Inc. (NYSE:IHS), the leading global source of critical information and insight, today announced it has acquired CARPROOF Corporation®, a Canada-based company that offers products and services in vehicle history, appraisal and valuation for the automotive industry, for $650 million CND (approximately $460 million USD). More details on the acquisition will be provided on the IHS fourth quarter and year-end 2015 earnings call on January 12, 2016.
Founded in 2000, CARPROOF is the industry standard in Canada for providing automotive vehicle history reports to dealers, auto auctions, original equipment manufacturers, lenders, insurers, governments, law enforcement agencies and consumers. CARPROOF has been repeatedly recognized as one of Canada’s Best Managed Companies and has appeared on Deloitte’s Technology Fast 500 and Fast 50 lists.
In July 2013, IHS acquired CARFAX, the leading vehicle history expert for used car buyers, sellers and the automotive industry in the U.S.
Jerre Stead, chairman and chief executive officer of IHS, said: “Like CARFAX, CARPROOF is a high-growth business and gives IHS the opportunity to expand our vehicle history report services into Canada. By combining the capabilities of CARPROOF and CARFAX, we also will accelerate product development to better serve the needs of our customers. This acquisition will add a highly accretive revenue-growth and EBITDA-margin business for IHS, and provide significant room for further growth.”
CARPROOF (www.carproof.com) employs more than 130 people and is headquartered in London, Ontario, Canada.
About IHS Automotive (www.ihs.com/automotive)
IHS Automotive, part of IHS Inc. (NYSE: IHS), offers clients the most comprehensive content and deepest expertise and insight on the automotive industry available anywhere in the world today. With the 2013 addition of Polk, IHS Automotive provides expertise and predictive insight across the entire automotive value chain from product inception—across design and production—to the sales and marketing efforts used to maximize potential in the marketplace. No other source provides a more complete picture of the global automotive industry. IHS is the leading source of information, insight and analytics in critical areas that shape today’s business landscape. IHS has been in business since 1959 and became a publicly traded company on the New York Stock Exchange in 2005. Headquartered in Englewood, Colorado, USA, IHS is committed to sustainable, profitable growth and employs approximately 8,600 people in 32 countries around the world.