BREAKING NEWS: PIE/PSG Snapped Up By Owner of Index Property Information Group
Dye & Durham Limited, the Canada-based owner of Index Property Information Group, has today announced the purchase of well-known property search and cloud software business Property Information Exchange for a sum of around £32m.
Operating under the “poweredbypie” brand, Property Information Exchange merged with PSG (Property Search Group) in 2017 with the acquisition of a direct in-market competitor described by Dye & Durham as “expected to provide significant near-term synergies.”
Dye & Durham have made the announcement via its website with the following statement
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, announced today that it has entered into an agreement to acquire Property Information Exchange Ltd. (“PIE“), for approximately £31.0 million (approximately C$52.9 million1) (the “Acquisition“) and that it has entered into an agreement with Canaccord Genuity Corp. (“Canaccord“) to issue, on a bought deal private placement basis, 2,381,621 common shares of the Company (the “Shares“) at a price of $21 per Share (the “Offering Price“) for aggregate gross proceeds to the Company of $50,014,041 (the “Treasury Offering“).
PIE is an innovative technology company that operates under the trade name “poweredbypie” and offers cloud-based real estate due diligence products in the United Kingdom that significantly expands the Company’s footprint.
PIE was majority owned by MML Capital Partners.
“We are proud to have been part of PIE’s journey and are excited for the team at PIE,”
said Richard Mayers, Partner at MML Capital Partners in London, England.
“Dye & Durham were an obvious strategic home for PIE and we expect the business to flourish under their guardianship. We wish the team the best of luck for the future.”
“We expect that the acquisition of PIE will support Dye & Durham’s industry growth, as we continue to execute on our strategy of acquiring, integrating and operating core technology businesses in order to build on our expanding online platform,”
said Matt Proud, Chief Executive Officer of Dye & Durham.
“As the coronavirus pandemic has shown us, in an increasing virtual business world, the dependency on mission critical cloud-based software like PIE’s has never been greater, as more and more people work from home.”
The Acquisition is expected to:
- Unlock significant near-term synergies: the acquisition of a direct in-market competitor provides Dye & Durham with an attractive opportunity to quickly integrate and streamline the offerings of the two business, which is expected to provide meaningful near-term synergies.
- Create long-term shareholder value: the acquisition reinforces the Company’s goal of creating long-term value for shareholders. The high-quality technology offering of PIE, coupled with the experienced management team joining Dye & Durham, are expected to be immediately accretive and provide opportunities for the Company to continue to pursue its growth strategy.
- Provide a complementary network of customers: the Acquisition brings a loyal customer base that diversifies the Company’s revenue and expands its footprint in the UK.
Read the full release in full here: https://www.newswire.ca/news-releases/dye-amp-durham-limited-announces-c-53-million-acquisition-of-property-information-exchange-ltd-and-c-50-million-bought-deal-private-placement-financing-848818554.html
The acquisition comes just a couple of months after Dye & Durham Limited acquired Stanley Davis group and successfully floated on the Toronto Stock Exchange.