IHS, the parent company of Carfax, announced Monday morning it has purchased CarProof Corp. for $650 million CND, which translates to about $460 million USD.

CarProof is a vehicle history report provider in Canada. IHS bought Carfax in July 2013.

Jerre Stead, chairman and chief executive officer of IHS, said: “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 also will accelerate product development to better serve the needs of our customers. This acquisition will add a highly accretive revenue-growth and EBITDA-margin business for IHS, and provide significant room for further growth.”