Carfax owner IHS Inc., a Douglas County information and analytics firm, has supplemented its automotive information business by acquiring Carproof Corp., a Canada-based provider of vehicle information services, for $460 million.
The transaction will give IHS a foothold in Canada, officials for the energy-focused information firm . Carproof, started in 2000, has become a leading provider of vehicle history, appraisal and valuation information to dealers, insurers, law enforcement agencies and consumers in Canada, IHS officials said.
“By combining the capabilities of Carproof and Carfax, we also will accelerate product development to better serve the needs of our customers,” said IHS chairman Jerre Stead, who this year . “This acquisition will add a highly accretive revenue-growth and (earnings before interest, taxes, depreciation and amortization)-margin business for IHS, and provide significant room for further growth.”
IHS bolstered its automotive division in 2013 . R.L. Polk’s two divisions of Polk and Carfax provided both analytics and vehicle information data.
IHS officials on Monday declined to comment on the Carproof transaction. IHS plans to provide more details on the Carproof deal during its fourth-quarter and year-end earnings call Jan. 12.
During the third quarter, IHS recorded a net income of $59.2 million on revenue of $587.9 million, increases of 27 percent and 6 percent, respectively, from the year-ago third quarter.
Alicia Wallace: 303-954-1939, awallace@denverpost.com or @aliciawallace
