Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 34 n° 316

IAA Acquires DDI Technology

Posted by fidest press agency su venerdì, 2 agosto 2019

IAA, Inc. (NYSE: IAA), a leading global marketplace connecting vehicle buyers and sellers, announced today its acquisition of DDI Technology, a leading electronic lien and title technology firm directly integrated with over 5,370 financial institutions as well as DMVs in 25 states. DDI’s Premier Solutions™ suite of technology solutions are 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. “As part of the IAA family, DDI will help drive our continued focus on building strong client relationships and delivering a broader set of technology solutions that will enhance our current platform,” commented John Kett, CEO and President of IAA. “DDI’s products will work within the IAA suite of total loss solutions and will focus on services critical to reducing the cycle time of closing an insurance claim and selling a total loss asset.” “The DDI team is excited about this next phase of growth for the company,” said Glenn Thames, CEO and President of DDI. “IAA is recognized as a technology leader in the industry, and we are thrilled to join their team to drive greater innovation and value for our customers.”DDI is located in Lexington, SC. 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. The purchase price for the transaction is approximately $17 million, and could increase by an additional $4.1 million over three years, contingent on certain terms, conditions and the achievement of various performance targets. Revenue for DDI was approximately $8.3 million in the last twelve months.

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