WESTCHESTER, Ill. –

Just a little more than a month since spinning off as its own entity, IAA, Inc. announced the purchase of an electronic lien and title technology firm on Wednesday afternoon.

IAA said it has acquired Lexington, S.C.-based DDI Technology for approximately $17 million (a purchase price that could climb by $4.1 million during the next three years upon terms/conditions and performance metrics).

IAA completed its spin-off from KAR Auction Services and began trading the “regular way” on the New York Stock Exchange on June 28.

“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,” IAA chief executive officer and president John Kett said in a news release.

“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,” Kett said.

DDI, which pulled in approximately $8.3 million in revenue in the past 12 months, will keep its current headquarters, employee base and management team. DDI will report through Tim O’Day, who is IAA’s president of U.S. operations.

DDI’s tech is directly integrated with more than 5,370 financial institutions and 25 state departments of motor vehicles. The Premier Solutions technology solutions at DDI focus on such areas as electronic vehicle registration, electronic lien and title processing and electronic lien payoff.

Added DDI CEO and president Glenn Thames, “The DDI team is excited about this next phase of growth for the company. 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.”