SaaS provider Solera reveals over 3.5% rise in annual revenue in US IPO filing

(Reuters) - Solera Corp disclosed a more than 3.5% rise in annual revenue in its paperwork for an initial public offering in the United States on Friday.

The U.S. IPO market is seeing a greener patch in 2024, with an increased number of offerings after a nearly two-year dry period, as prospects of a soft landing for the economy encourage corporations for a public float.

Solera, a software as a service (SaaS) provider for the automotive industry, said its revenue for the year ended March 31 rose to $2.44 billion, compared with $2.36 billion a year earlier.

Annual net loss attributable to the company for the year ended March 31, 2024, however, widened to $471.6 million, from $374.5 million in the year-ago period.

Solera has over 280,000 customers in more than 120 countries. Through its AI-powered platform, it helps its clients with vehicle claims, repairs and solutions, according to its filing.

The company, which has access to 1.4 billion vehicles in its global database, intends to use the proceeds from the offering to pay down its debts, including an outstanding amount of $5.2 billion, as of March 31, 2024, borrowed under a term loan facility.

The terms of the offering were not disclosed in the filing.

Morgan Stanley, Goldman Sachs, BofA Securities and Jefferies are lead underwriters for the IPO.

Solera will list its shares on the New York Stock Exchange under the symbol "SLRA", according to the filing.

(Reporting by Pritam Biswas in Bengaluru; Editing by Pooja Desai)