Bristol-based Terrafirma IDC Ltd has been bought for around £12 million by Toronto-headquartered Dye & Durham Limited, a leading provider of cloud-based software and technology solutions for legal and business professionals.
Terrafirma’s proprietary workflow software and data insights have been critical at transforming how decisions are made in UK property transactions. The acquisition of the Aztec West company 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.
Dye & Durham has a number of UK offices, including in Reading, Kenilworth and Bristol.
Matt Proud, CEO of Dye & Durham, said: “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.
“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.”
The transaction was funded through cash generated from operations. The Company currently has access to more than $1.0 billion in capital which it plans to deploy on accretive acquisitions.