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IAA Acquires DDI Technology
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 4,400 financial institutions as well as DMVs in 26 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 million in 2018.
Media Inquiries:
Jeanene O’Brien
SVP, Global Marketing and Communications
(708) 492-7328
jobrien@iaai.com
Analyst Inquiries:
Caitlin Churchill
ICR
(203) 682-8200
investors@iaai.com
About IAA, Inc.
IAA, Inc. (NYSE: IAA) is a leading global marketplace connecting vehicle buyers and sellers. Leveraging leading-edge technology and focusing on innovation, IAA’s unique multi-channel platform processes more than 2.5 million vehicles annually. Headquartered near Chicago, IL, IAA has over 3,600 talented employees and over 190 facilities throughout the US, Canada and the United Kingdom. IAA provides a broad range of services to insurers, fleet and rental companies, rebuilders, charity organizations and financing companies that dramatically reduce the cycle time of selling a vehicle with a focus on delivering the highest economic returns. Buyers have access to the industry’s most-innovative vehicle evaluation and bidding tools, enhancing the overall purchasing experience.
Uncertainties Affecting Forward-Looking Statements
Certain statements contained in this release include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and which are subject to certain risks, trends and uncertainties. In particular, statements made that are not historical facts may be forward-looking statements. Words such as “should,” “may,” “will,” “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” and similar expressions identify forward-looking statements. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Such forward-looking statements include the statements regarding IAA’s future financial and operating performance, benefits and synergies of the separation, strategic and competitive advantages, future opportunities and any other statements regarding events or developments that IAA believes or anticipates will or may occur in the future. We disclaim any obligation or undertaking to update any forward-looking statements. For further discussion of such risks and uncertainties, see “Information Statement Summary,” “Risk Factors” and “Cautionary Statement Concerning Forward-Looking Statements” in the information statement filed as an exhibit to IAA’s Registration Statement on Form 10, as amended.
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