IAA has acquired DDI Technology, an electronic lien and title technology firm that is directly integrated with over 4,400 financial institutions and DMVs in 26 states.
IAA acquired the company for approximately $17 million. If certain terms, conditions, and targets are met IAA will pay an additional $4.1 million over three years.
DDI's products will work with IAA's 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, according IAA CEO and President John Kett.
The company will operate as a wholly-owned subsidiary of IAA and will continue to work out of its current headquarters. All employees and management team members will remain, according to IAA.
Revenue for DDI was approximately $8 million in 2018.
The organization will report through Tim O'Day, president of IAA U.S. operations.