Real estate property giant Domain Holdings (ASX:DHG)
has inked a deal worth up to $159 million to acquire Insight Data Solutions (IDS).
The spending spree will expand Domain’s marketplace into the corporate and government sector where IDS plays in.
Domain plans to use IDS’ strengths in land and property valuation, insights, and analytics services when they join the family. IDS founders, Louie Psaroulis, Mike Thanos and Chris Spanos, will remain to continue to drive the strategy.
The deal is set to complete in mid-October with a $60 million cash payment with further contingent payments up to June 2027.
The news followed Domain’s full year results where they celebrated a 66 per cent surge in profit to $34.3 million.
Shares in Domain Holdings (ASX:DHG)
are trading 0.7 per cent lower at $5.21.