IHS Acquires Canadian Provider of Vehicle History Reports
IHS Inc., the company that purchased CARFAX in 2013, has purchased CARPROOF Corp. for approximately $460 million. The Canadian company is a provider of vehicle history reports, vehicle appraisals and valuations.
ENGLEWOOD, Colo. — IHS Inc., the company that purchased CARFAX in 2013, has purchased CARPROOF Corp. for approximately $460 million. The Canadian company offers products and services in vehicle history, appraisal and valuation for the automotive industry.
Founded in 2000, CARPROOF has become the industry standard in Canada for providing automotive vehicle history reports to dealers, auto auctions, vehicle manufacturers, insurers, governments, law enforcement agencies and consumers, according to IHS officials.
“Like CARFAX, CARPROOF is a high-growth business and gives IHS the opportunity to expand our 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,” said Jerre Stead, chairman and CEO of IHS. “This acquisition will add a highly accretive revenue-growth and EBITDA-margin business for IHS, and provide significant room for further growth.”
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