Vehicle valuations company, Cap Automotive, has been acquired by risk and asset management software provider, Solera Holdings.

The deal is worth approximately £296m, which was paid in cash, with the majority paid at the completion at the deal. The remainder will be paid on a term-based schedule to the management equity holders.

Solera is present in over 70 countries worldwide and CAP said the acquisition would "create the only UK-based enterprise with decision support data and software solutions spanning vehicle valuation, validation, collision and mechanical repair, and total cost of ownership".

Ian Rendle, CAP automotive chief executive officer, said: "Solera’s proven track record and disciplined investments in true ‘end to end’ risk and asset management tools will allow CAP to expand our own recognised solutions into a variety of other applications and international markets."

Tony Aquila, Solera founder, chairman and chief executive officer said: "The acquisition of CAP is the latest in a series of investments in Solera’s risk and asset management strategy, adding capabilities that create a unique ‘digital garage.’ Expanding Solera’s valuation services through CAP will connect Solera’s investments and grow its presence in each phase of the vehicle lifecycle, from purchase, through SMR, to sale or salvage."

"Expanding from the UK across advanced European markets, CAP data will enable households to make informed, market-driven decisions affecting their automotive assets."

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In the UK, Solera already owns HPI, which it acquired in 2009 for over £81m.