DealerTrack buying triVIN Holdings for $131M
DealerTrack Holdings Inc., a maker of software for auto dealers, said Monday it is buying triVIN Holdings Inc. for about $131 million to expand its transaction business and better its relationships with lenders and automobile dealers.
TriVIN is an automobile title management services and vehicle registration services provider.
DealerTrack Chairman and CEO Mark F. O'Neil said in a statement that the transaction will help DealerTrack in the long term "to facilitate the online purchase and financing of vehicles."
DealerTrack of Lake Success, N.Y., said that it will pay for the deal with existing cash.
TriVIN's FDI Collateral Management business will work with DealerTrack's electronic contraction and paper processing services. FDI offers electronic and paper-based lien and title services.
TriVIN, based in Groton, Conn. is part of American Capital Ltd. Its executive team is expected to stay with the combined company.
The acquisition, which was approved by both companies' boards and triVIN's shareholders, is targeted to close in the first quarter.
American Capital shares fell 8 cents in premarket trading, while DealerTrack shares remained unchanged from Friday's close of $20.97.