- Terrafirma is a U.K. property tech business that focuses on
location intelligence
- The acquisition expands Dye & Durham's capabilities in the
U.K. real estate value chain, adding products which are already
utilized by Dye & Durham's customer base and accessed through
its platform today
- Through its proprietary workflow technology, Terrafirma
provides access to critical intelligence information that enables
smarter insights for mission critical decisions
TORONTO, May 12, 2021 /CNW/ - Dye & Durham Limited
("Dye & Durham" or the "Company") (TSX: DND), a
leading provider of cloud-based software and technology solutions
designed to improve efficiency and increase productivity for legal
and business professionals, today announced it has acquired
Terrafirma IDC Ltd ("Terrafirma") for approximately
$20 million (£12 million).
Terrafirma's proprietary workflow software and data insights
have been critical at transforming how decisions are made in U.K.
property transactions. This acquisition is a natural extension of
Dye & Durham's workflow platform, and provides its legal and
conveyancing client base with seamless access to these valuable
insights.
"This acquisition is consistent with our stated objective of
expanding within the ecosystems in which we operate, and in this
case, brings onto our platform mission critical aspects of the U.K.
property transaction process," said Matt
Proud, CEO of Dye & Durham. "The Company is now at a
scale where we can fund these types of acquisitions from the free
cash we generate from our operations, leaving our $1.0 billion capital intact to fund larger
acquisitions as we execute on our Build to a Billion strategy."
While the acquisition multiple is not disclosed, the Company
believes that it will be able to achieve post-synergy returns that
are consistent with the Company's targeted return model. The
transaction was funded through cash generated from operations. The
Company currently has access to over $1.0
billion in capital which it plans to deploy on accretive
acquisitions.
About Dye & Durham
Dye & Durham Limited is a leading provider of cloud-based
software and technology solutions designed to improve efficiency
and increase productivity for legal and business professionals. Dye
& Durham provides critical information services and workflows,
which clients use to manage their process, information and
regulatory requirements. The Company has operations in Canada, the United
Kingdom, Ireland and
Australia, and has a strong
blue-chip customer base that includes law firms, financial service
institutions, and government organizations. Additional information
can be found at www.dyedurham.com.
Forward-looking Statements
This press release may contain forward-looking information
within the meaning of applicable securities laws, which reflects
the Company's current expectations regarding future events. In some
cases, but not necessarily in all cases, forward-looking statements
can be identified by the use of forward looking terminology such as
"plans", "targets", "expects" or "does not expect", "is expected",
"an opportunity exists", "is positioned", "estimates", "intends",
"assumes", "anticipates" or "does not anticipate" or "believes", or
variations of such words and phrases or state that certain actions,
events or results "may", "could", "would", "might", "will" or "will
be taken", "occur" or "be achieved". In addition, any statements
that refer to expectations, projections or other characterizations
of future events or circumstances contain forward-looking
statements. Forward-looking statements are not historical facts,
nor guarantees or assurances of future performance but instead
represent management's current beliefs, expectations, estimates and
projections regarding future events and operating performance.
Forward-looking information is based on a number of assumptions
and is subject to a number of risks and uncertainties, many of
which are beyond the Company's control, which could cause actual
results and events to differ materially from those that are
disclosed in or implied by such forward-looking information. Such
risks and uncertainties include, but are not limited to, the
factors discussed under "Risk Factors" in the prospectus supplement
of the Company dated November 18,
2020 to the short-form base shelf prospectus (including the
documents incorporate therein) of the Company dated November 18, 2020. Dye & Durham does not
undertake any obligation to update such forward-looking
information, whether as a result of new information, future events
or otherwise, except as expressly required by applicable law.
SOURCE Dye & Durham Limited