New York's Dealertrack Technologies Inc. will reportedly acquire Dealer.com for about $1 billion. Dealertrack makes software that connects car dealers with lenders and credit-rating companies.

Bloomberg, citing a source, said that Dealertrack will pay $620 million in cash and about 8.72 million shares of stock for Dealer.com. Dealertrack's 8.72 million shares is valued at $373 million on Friday's closing price of $42.80 per share.

The purchase is the largest for the software company. Dealertrack has spent about $461 million on 19 takeovers, excluding the acquisition of Dealer.com, the report said. 

Dealertrack's shares have gained about 49% this year, giving it a market value of about $1.9 billion as of Friday's close. It has about 44 million shares outstanding, according to Bloomberg.

Meanwhile, Dealer.com is owned by private equity firms including Apax Partners LLP and Accel Partners. It provides online marketing and sale services to 7,000 car dealers in the US, the report said.

The deal values Dealer.com at about 20 times its earnings before interest, taxes, amortization and depreciation for the 12 months ended September 30, wrote Bloomberg.