IAA, Inc. (NYSE: IAA), a Westchester, IL-based marketplace connecting vehicle buyers and sellers, acquires DDI Technology, a Lexington, SC-based electronic lien and title technology firm directly integrated with over 5,370 financial institutions as well as DMVs in 25 states.
The purchase price for the transaction is approximately $17m, and could increase by an additional $4.1m over three years, contingent on certain terms, conditions and the achievement of various performance targets.
Led by Glenn Thames, CEO and President, DDI provides a suite of technology solutions focused on several key areas of the title and lien release management including electronic vehicle registration, electronic lien and title processing, and electronic lien payoff.
The company will operate as a wholly-owned subsidiary of IAA and will retain its current headquarters, employee base and management team members. The organization will report through Tim O’Day, President, IAA U.S. Operations.
Revenue for DDI was approximately $8.3m in the last twelve months.
Led by John Kett, CEO and President, IAA is a global marketplace connecting vehicle buyers and sellers. The company offers customers a comprehensive suite of services aimed at maximizing vehicle value, reducing administrative costs, shortening selling cycle time and delivering customers high economic returns. Buyers have access to vehicle evaluation and bidding tools, which enhance the overall purchasing experience.
Leveraging technology and focusing on innovation, IAA’s multi-channel platform processes approximately 2.5 million total-loss, damaged and low-value vehicles annually.
The company has over 3,600 talented employees and over 190 facilities throughout the US, Canada and the United Kingdom.
IAA serves a global buyer base and a full spectrum of sellers, including insurers, dealerships, fleet lease, rental car companies, and charitable organizations.