CARPROOF, Canada’s used vehicle report provider, has been sold to U.S. CARFAX parent company, IHS, for $650-million.
“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 will also accelerate product development to better serve the needs of our customers,” said Jerre Stead, chairman and CEO of IHS, in a written release.
IHS said more details on the CARPROOF acquisition will be provided on the IHS fourth quarter and year-end 2015 earnings call on Jan. 12, 2016.
Headquartered in London, Ont., CARPROOF employs more than 130 people.
In July 2013, IHS acquired CARFAX, the leading vehicle history expert for used car buyers, sellers and the automotive industry in the U.S.
