Vancouver-based cloud software and technology solutions firm Dye & Durham yesterday announced it has entered into an agreement to acquire Link Administration Holdings, Australian record-keeping technology and information solutions provider, for cash consideration of approximately CA$3.2 billion, or AU$5.50 per common share.
Dye & Durham says that, as part of the transaction, it will also indirectly acquire Link Group’s approximate 43 per cent ownership stake in PEXA Group, which operates Australia’s digital property exchange network and helps lawyers, conveyancers and financial institutions settle transactions and file documents electronically.
“This is a transformational acquisition for Dye & Durham and represents a major step forward in our ‘Build to a Billion’ strategy to achieve CA$1 billion of adjusted EBITDA,” said Matthew Proud, chief executive officer of Dye & Durham. “This transaction will enable us to expand our proven model into adjacent markets, where Link Group’s products share the same attributes of our existing offering: digital infrastructure-like assets that provide essential services to clients and their customers and generate stable and sustainable cash flows. Link Group has achieved critical mass across multiple product categories in Australia and the United Kingdom – two of our key markets – and this acquisition both diversifies and strengthens our position in these geographies.”
This acquisition further expands Dye & Durham’s global footprint and, it said, positions the company as a clear leader in business-to-business (B2B) software and information service solutions. It will also broaden the product suite for existing clients and expand the customer base in key strategic U.K. and Australian markets, the company noted.
