Following the bombshell announcement Monday that Colorado-based IHS Inc. purchased CARPROOF for $650 million, company chairman Paul Antony says it will continue to operate from its London, Ont. headquarters.
Talking to the London Free Press, Antony says they don’t anticipate any change in operations adding there are no plans to integrate the two companies.
The surprise came Monday when IHS Inc., a leading global source of critical information and insight, revealed it had acquired CARPROOF for $650 million.
IHS works in over a dozen industries including oil and gas, telecommunications, automotive, aerospace and agriculture. It has been in business since 1959 and currently employs approximately 8,600 people in 32 countries around the world.
More details about the acquisition are expected to come during the IHS fourth quarter and year-end 2015 earnings call on January 12.
Of particular interest will be how IHS plans to incorporate CARPROOF with its current holding and competitor, Carfax, which IHS purchased in July 2013.
Jerre Stead, chairman and chief executive officer of IHS, said that like Carfax, CARPROOF is a “high-growth business” and gives IHS the opportunity to expand its 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.”
- With files from the London Free Press