- The acquisition is a follow-on to the recently announced SAI
Global transaction, and consistent with Dye & Durham's strategy
of building a larger Australian platform through M&A
- As an in-market competitor, the acquisition of GlobalX is
highly complementary, and will provide significant synergy
opportunities due to the crossover of businesses in Australia and the UK
TORONTO, Feb. 5, 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 entered into a
definitive agreement to acquire GlobalX Information Pty Ltd
("GlobalX") for approximately $166
million. The transaction is expected to close in the
fourth quarter of the Company's current fiscal year, subject to
required regulatory approvals.
Similar to Dye & Durham's existing Australian business,
GlobalX has a large B2B customer base, which includes conveyancers,
solicitors and the financial services sector professionals, for
which it provides necessary workflow software, systems and
information products to facilitate and complete the transfer of
property, and other commercial transactions.
"Consistent with our stated objective to build a larger
Australian platform, we have quickly executed on a second strategic
investment in the Australian market," said Matt Proud, Chief Executive Officer of Dye &
Durham. "This acquisition positions Dye & Durham as one of two
major players serving our industry in the Australian market. We are
committed to continuing to grow our business and serve our customer
base within the country."
Together with the recently announced $87
million acquisition of SAI Global's Property Division, Dye
& Durham will have invested $253
million into creating a leading and financially meaningful
Australian platform. The Company believes that, with these
acquisitions, it will be able to achieve post-synergy returns that
are consistent with the Company's target return model of acquiring
platform businesses.
About GlobalX
GlobalX is one of Australia's
most successful technology companies with operations across
Australia and the United Kingdom. Established in 1994, the firm
focuses in innovative technology solutions and support services for
law firms, conveyancers, financial institutions, property planning
professionals and government bodies. GlobalX offers unique
cloud-based software solutions, including online property and
business regulatory information, practice management software,
conveyancing workflow, electronic contracts and legal support
services.
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,
including with respect to the Company's acquisition strategy, the
impact of the acquisition, expected synergies, timing and closing
of the acquisition of GlobalX. 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 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