Domain Holdings Australia Limited completed the acquisition of Insight Data Solutions.
October 14, 2021
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Domain Holdings Australia Limited (ASX:DHG) agreed to acquire Insight Data Solutions on September 16, 2021. Post completion, Louie Psaroulis, Mike Thanos and Chris Spanos will remain with IDS to continue to drive the IDS strategy. Under the terms, the consideration payable at completion is AUD 60 million in cash. Additional contingent consideration is payable in tranches over the performance period between completion and June 2027. Payment of each tranche of contingent consideration is triggered by the achievement of commercial and financial outcomes of the IDS business relating to securing and delivering services under new customer contracts. There is a minimum cash component to each tranche of contingent consideration, however, the majority of the contingent consideration may be satisfied in either cash or Domain shares. The total consideration (including the completion payment) for on-target performance over the performance period by IDS is AUD 140 million and the maximum consideration payable in the event of overperformance by IDS is AUD 159 million. IDS is anticipated to deliver on-target FY22 revenue of AUD 7 million before the impact of any operating synergies. Over the next five years, on-target performance would see IDS executing on identified growth opportunities to deliver a greater than four-fold increase in total revenue in FY26. Adrian Tan of DLA Piper Australia Pty Ltd acted as legal advisor to Insight Data Solutions.
Domain Holdings Australia Limited (ASX:DHG) completed the acquisition of Insight Data Solutions on October 15, 2021.
Domain Holdings Australia Limited is an Australia-based property technology and services marketplace focused on portfolios of property brands in Australia. The Company offers property search and listing, data, and agent and consumer solutions for a group of customers and their property decisions. Its segments include Core Digital, Consumer Solutions and Print. Core Digital is a digitally focused real estate media and services business providing residential, commercial and rural property marketing solutions and search tools, plus information for buyers, investors, sellers and renters Australia-wide. The Consumer Solutions segment connects consumers with services at different property lifecycle stages, including home loans, insurance, trade services and residential utilities connections. Its Print segment is engaged in real estate newspaper and magazine publishing. Its brands portfolio includes Domain, Allhomes, Domain Insure, MarketNow, Pricefinder, Homepass and others.