IHS Inc. said today it has acquired Carproof Corp., a Canadian used-vehicle history provider, for $460 million.
Carproof, of London, Ontario, provides vehicle history reports to dealers, consumers and others in Canada, much in the same way that IHS-owned Carfax does in the U.S.
IHS, a market-research company in Englewood, Colo., bought Carfax as part of a $1.4 billion acquisition in 2013. IHS Automotive is based in suburban Detroit.
“Like Carfax, Carproof is a high-growth business and gives IHS the opportunity to expand our vehicle history report services into Canada,” IHS CEO Jerre Stead said in a statement. “By combining the capabilities of Carproof and Carfax, we also will accelerate product development to better serve the needs of our customers.”
Stead said the move gives IHS a “highly accretive revenue-growth and EBITDA-margin business” and creates space for future growth.
IHS said it will disclose more details on the deal during a Jan. 12 earnings call.