(Bloomberg) -- Vista Equity Partners-backed automotive data and software services provider Solera is weighing an initial public offering that may raise over $1 billion, according to people familiar with the situation. 

Westlake, Texas-based Solera has picked banks including Goldman Sachs Group Inc., Morgan Stanley, Bank of America Corp. and Jefferies Financial Group Inc. to work on the offering, the people said, asking not to be identified as the information is private. Solera could launch an offering as soon as in July, the people said. 

Details such as the timing and the size of the IPO may still change, and more banks could be added to the lineup, the people said. Representatives for Goldman Sachs, Morgan Stanley, Bank of America and Vista declined to comment. Representatives for Jefferies and Solera didn’t respond to requests for comment.

Solera is a global software-as-a-service provider of integrated vehicle life-cycle and fleet management, according to a statement in March. It helps clients such as insurers address vehicle claims, vehicle repairs, vehicle management and fleet management. Solera serves more than 300,000 customers.

In 2016, Vista led a group of investors including a unit of Koch Industries Inc. taking Solera private, in a deal that valued the company at about $6.5 billion, a statement at the time showed.

Vista entered negotiations in 2021 to merge Solera, as well as its companies DealerSocket Inc. and Omnitracs, with a special purpose acquisition company in a $15 billion transaction, Bloomberg News reported. The talks were halted, and Solera subsequently acquired DealerSocket and Omnitracs. 

Solera also acquired digital driver risk management firm eDriving and Australian insurance technology provider ENData Pty Ltd. later that year.

(Updates with bank lineup in second paragraph and comments in third paragraph.)

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