IAA, Inc. (NYSE:IAA) announced today its acquisition of DDI Technology, an electronic lien and title technology firm directly integrated with over 5,370 financial institutions as well as DMVs in 25 states. DDI’s 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.
According to IAA, the purchase price for the transaction is approximately $17 million, and could increase by an additional $4.1 million over three years, contingent upon the achievement of various performance targets. Revenue for DDI was approximately $8.3 million in
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