Country for PR: United States
Contributor: PR Newswire New York
Saturday, December 05 2020 - 03:51
AsiaNet
Dye & Durham to Enter Australian Market with $87 Million Acquisition of SAI Global Property Division
TORONTO, Dec. 5, 2020 /PRNewswire-AsiaNet/ --

   -- The acquisition provides a large footprint into the Australian market and
      creates the opportunity to build a larger Australian business through
      future M&A that may unlock substantial synergy potential 

   -- Acquisition of a predictable business model with a diversified B2B
      customer base using a deeply embedded cloud-based workflow software 

   -- Delivers near-term cash flow, at an attractive valuation multiple, with
      room for multiple expansion through synergies 

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 that it has entered into a definitive agreement to acquire SAI 
Global's Property Division for Aus$91 million, or approximately Cnd$87 
million[1], in cash.  The transaction is expected to close in early 2021, 
subject to required regulatory approvals.

SAI Global's Property Division provides its large B2B customer base, which 
includes conveyancers, solicitors and the financial services sector, with all 
the necessary workflow software, systems and information products to facilitate 
and complete the transfer of property. 

The business is also an approved ASIC, PPSR and AFSA information broker, 
providing its large customer base with the mission critical workflow software 
and public records required to complete many business and commercial 
transactions. SAI Global is owned by Baring Private Equity Asia. 

The acquisition creates a platform in Australia that is highly aligned with Dye 
& Durham's existing product lines in Canada and the United Kingdom. The 
Australia platform is expected to generate meaningful cash flow through its 
deeply embedded B2B cloud-based workflow software that connects users to more 
than 3,270 data sources including government registries on a national, state 
and local council level, to support their regulatory and business compliance 
processes.

"The acquisition of the SAI Global Property Division opens up a natural 
geography for Dye & Durham to keep building on its strategy of acquiring, 
integrating and operating technology businesses in its sector to drive EBITDA 
growth," said Matt Proud, Chief Executive Officer of Dye & Durham. "It also 
provides a clear path to build a larger Australian platform in the near term."

The acquisition price is consistent with valuation multiples paid for other 
recent transactions completed by Dye & Durham.   

Dye & Durham's advisors for this transaction were Canaccord Genuity and 
Dentons. 

[1] Based on an Australian Dollars to Canadian Dollars exchange rate for 
December 4, 2020 of Cnd$0.95

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 
and the United Kingdom, 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 proposed 
time of closing of the transaction and the Company's acquisition strategy. 
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 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, 
+1.416.427.1235

SOURCE: Dye & Durham