Cloud-Based Terrafirma acquired by Dye & Durham for $20 Million
Dye & Durham Limited , 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 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.