Cloud-Based Terrafirma Acquired By Dye & Durham for $20 Million
- 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
Adam Peeler, LodeRock Advisors Inc., [email protected], 416.427.1235
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