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, has announced it has entered into a definitive agreement to acquire GlobalX Information Pty Ltd 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.
