LAKE SUCCESS, N.Y. and DETROIT, Dec. 20, 2011 /PRNewswire/ -- DealerTrack (Nasdaq: TRAK) and Internet Brands today announced that the data solutions businesses of Chrome Systems, Inc., a DealerTrack company, and Autodata Solutions Inc., a division of Internet Brands, will be combined through a joint venture agreement to form Chrome Data Solutions, LP (Chrome Data). The partnership will be owned equally by DealerTrack and Autodata Solutions, a subsidiary of Internet Brands.
The newly formed entity will be run by the combined management teams of Chrome Systems and Autodata. Greg Perrier of Autodata will be Chief Executive Officer and Mark O'Neil of DealerTrack will serve as Chairman of the Board.
Chrome Data will provide a broad spectrum of vehicle content offerings to the North American automotive retail market, ranging from syndicated commercial off-the-shelf products for automotive retailers to custom design-and-build engagements for large enterprise clients. The joint venture will allow for increased investment in products and services and provide a platform for new innovations in automotive data. The Autodata Solutions' Professional Services Group will continue to operate as a separate entity under the Autodata Solutions name, focused on implementing custom professional services engagements.
"Both Autodata and Chrome Systems are well-known automotive data experts who deliver high-quality offerings to all segments of the automotive industry," said Bob Brisco, chief executive officer of Internet Brands. "The establishment of Chrome Data will leverage the best assets of both organizations to take the industry to the next level and help customers reach their growth and profitability goals even faster."
"The combination of Autodata and Chrome will allow the North American automotive retail industry, including Internet portals, OEMs, lenders, automotive retailers, and solution providers, to benefit from one-stop shopping for their data and content needs," said Mark O'Neil, chairman and chief executive officer, DealerTrack. "Each company has an established, trusted legacy of more than two decades of providing data and services to the industry. By bringing together the breadth and depth of both companies, we will set new standards for data excellence and spur innovative new offerings."
The transaction is expected to close in January 2012, subject to customary closing conditions. The Chrome Data headquarters will be located in Troy, Michigan, outside of Detroit, with primary offices in Portland, Oregon, and London, Ontario.