Domain is increasing its investment into data, announcing the acquisition of Australian property data business Insight Data Solutions (IDS) in a deal that could be worth as much as $159 million.
In an ASX announcement, Domain CEO Jason Pellegrino [featured image] explained that the acquisition would help the real estate portal expand into the government and corporate sectors.
“We are pleased to welcome IDS to the Domain 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,” Pellegrino said.
“Federal, State and Local Governments will always play a central role in Australia’s property ecosystem. IDS’ 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.
“The importance of these services is likely to amplify as Governments deal with increasing land scarcity, the challenges of housing affordability and planning policy, increased infrastructure investment and the transition of revenue from transfer duties to annual levies based on land valuation.”
The deal is set to be finalised next month and will see an initial $60 million cash payment.
Additional contingent payments will be made through until June 2027 based on IDS’s performance. It is expected the total cost of the deal could be worth between $140 million and $159 million.
Domain is majority owned by Nine.
