Domain Holdings announced it would acquire Insight Data Solutions (IDS) in a further step for its marketplace strategy.
Domain is looking to expand its addressable market beyond Agents and Consumers to Financial Institutions, and Government. The acquisition of IDS establishes Domain as a market-leading provider of land and property valuation, insights and analytics services into the Government sector, and significantly expands the size of the Property Data Solutions pillar of its marketplace strategy.
Established in 2013, IDS is a property data business focused on two key customer segments: Government and Corporate. IDS’ platform and workflow tools connect many of the key stakeholders in the property ecosystem: the Office of the Valuer General (VG) who is responsible for statutory valuation processes; the Local Government Authorities (LGAs) which levy rates based on these valuations; valuers who perform the statutory valuations; and the public whose rates are based on the statutory valuations.
In the Government segment, IDS’ ‘VM Online’ is the leading private statutory valuation workflow platform of scale in Australia. It manages 28% of national statutory valuation volume, with leading positions in Victoria and the City of Adelaide. The vast majority of remaining valuation volumes are managed in-house by State VGs and LGAs.
In the Corporate sector, IDS has a bank-grade Automated Valuation Model product suite and its valuation models are in use by smaller lenders, fintechs and mortgage brokers.
Domain CEO Jason Pellegrino said “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. 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."