Courtesy of Benzinga.
IHS Inc. (NYSE: IHS) announced on Monday it has agreed to acquire CARPROOF, a Canada-based company that offers products and services in vehicle history, appraisal and valuations, for C$650 million (approximately $460 million).
IH's acquisition is similar to its 2013 acquisition of CARFAX, a leading vehicle history database in the US.
"Like CARFAX, CARPROOF is a high-growth business and gives IHS the opportunity to expand our vehicle history report services into Canada," IH's Chairman and CEO Jerre Stead said in a press release. " By combining the capabilities of CARPROOF and CARFAX, we also will accelerate product development to better serve the needs of our customers."
Stead added that the CARPOOF acquisition will "add a highly accretive" revenue-growth and EBITDA margin business for IHS, and provide "significant room" for further growth.
