- 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 cloud based technology, Future Climate
Info provides access to critical intelligence information that
enables smarter insights for mission critical decisions on most
real estate transactions
TORONTO, May 17, 2021 /PRNewswire/ -- 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 Future Climate Info Limited and certain assets from
CLS Property Insights Limited (together "FCI") for
approximately $94 million (£55
million).
Through its cloud-based technology, FCI provides access to
critical intelligence needed in assessing environmental risk in a
property transaction by analyzing proprietary data. The acquisition
will enhance Dye & Durham's offerings to its U.K. based
clients, providing seamless integration with a product that is
already accessed through Dye & Durham's workflow platform today
and used on most real estate transactions.
"This acquisition is consistent with our stated objective of
expanding within the ecosystems in which we operate, and in this
case, brings into our ownership mission critical aspects of the
U.K. property transaction process," said Matt Proud, CEO of Dye & Durham. "Through
our Platform, our customers are, by far, one of the largest
consumers of environmental, ground risk and liability reports in
the United Kingdom. The
acquisition of FCI, along with the recently announced acquisition
of Terrafirma, will allow us to drive significant revenue synergies
as we provide a far more efficient and integrated offering."
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.
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.
About FCI
Future Climate Info (FCI) produces a range of environmental
search reports for the residential and commercial property markets.
An innovative creator of comprehensive, high quality products and
services, since launching in 2014, FCI has delivered many firsts
for the industry and prides itself in making positive change which
drives the industry forward.
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.
Contact: Adam Peeler, LodeRock
Advisors Inc., Adam.peeler@loderockadvisors.com, 416.427.1235