Exclusive-Vista Equity seeks to tap banks for Solera IPO-sources

© Reuters. FILE PHOTO: The Wall Street entrance to the New York Stock Exchange (NYSE) is seen in New York City, U.S., November 15, 2022. REUTERS/Brendan McDermid/File Photo

By Echo Wang

(Reuters) – Private equity firm Vista Equity Partners is seeking to hire investment banks for a U.S. initial public offering of Solera, a provider of software to the automotive and insurance industries, people familiar with the matter said on Wednesday.

Vista, which acquired Solera for $6.5 billion in 2016, is interviewing banks as it seeks to hire IPO underwriters, the sources said, requesting anonymity because the matter is confidential.

The listing could happen as soon as the end of 2024, depending on market conditions, the sources added.

Vista declined to comment and Solera did not immediately respond to a request for comment.