- Domain Holdings (DHG) agrees to acquire property data business Insight Data Solutions (IDS) for $140 million
- The company will pay a cash consideration of $60 million upon completion, on top of a contingent consideration in tranches up until June 2027
- IDS founders Louie Psaroulis, Mike Thanos and Chris Spanos will remain with the business to drive its strategy
- Shares are down 0.57 per cent to $5.22 each at 4:05 pm AEST
Domain Holdings (DHG) has agreed to acquire property data business Insight Data Solutions (IDS) for $140 million.
Under the deal, DHG will pay IDS a $60 million cash consideration upon completion of the sale, which is anticipated in mid-October.
The company will also pay a contingent consideration in tranches over the performance period to June 2027, totalling $140 million or a maximum of $159 million in the event of over performance.
Domain CEO Jason Pellegrino said the company was pleased to welcome IDS to the group.
“IDS brings rich experience in building property data platforms and delivery services to support the workflow requirements of governments, particularly in regards to land valuations,” he said.
“Its platforms, workflow tools and property analytics allow governments to make more timely, accurate and nuanced decisions regarding land valuations, land use, tax policy and revenues.”
Mr Pellegrino said the importance of IDS’ services was likely to amplify as governments dealt with increasing land scarcity and challenges to housing affordability among other obstacles.
IDS founders Louie Psaroulis, Mike Thanos and Chris Spanos will remain with the business to drive its strategy.
Late in the session, shares were trading down 0.57 per cent to $5.22 each at 4:05 pm AEST.