DealerTrack Holdings Inc. has acquired Curomax Corp., a Toronto, Ontario, Canada-based provider of online finance services for the automotive, recreational vehicle and other industries.
According to a press release, DealerTrack agreed to purchase all of the outstanding stock of Curomax for $37.5 million along with additional incentives based on performance over the next two years. DealerTrack’s board has approved the deal, which is expected to close in early February.
Curomax’s revenue for the 12 months, ended Sept. 30, 2006, was approximately $10.2 million.
Lake Success, N.Y.-based DealerTrak said the acquisition will further enhance its ability to provide technology solutions to the Canadian automotive finance industry in conjunction with its DealerAccess Canada Inc. subsidiary, also located in Toronto.
“The acquisition of Curomax supports DealerTrack’s growth strategy by expanding our lender and dealer customer base in the Canadian automotive and related markets,” said Mark O’Neil, chairman and CEO of DealerTrack Holdings.
“This acquisition recognizes the significant contributions the team at Curomax has made in online indirect financing,” said Alan Bird, president and CEO officer of Curomax. “DealerTrack shares our vision of innovation for the markets we support, and we expect our combined strengths to provide substantial benefits to our dealers, lenders and partners.”