Cloud-based Terrafirma acquired by Dye & Durham for $20 million

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).

Key headlines:
  • 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

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.

Matt Proud, CEO of Dye & Durham, said:

“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.

“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.

 

Kindly shared by Dye & Durham

Main photo courtesy of Pixabay