Vista-Backed Solera Said to Seek More Than $1 Billion in IPO (1)

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 ...