Transaction streamlines product portfolio, strengthens balance sheet, and supports customer-first strategic reset
TORONTO, Oct. 7, 2025 /CNW/ – Dye & Durham Limited (“Dye & Durham” or the “Company”) (TSX: DND), a leading provider of cloud-based legal practice management software, today announced that it has entered into a definitive agreement to sell Credas Technologies Ltd. (“Credas”), a UK-based provider of identity verification and anti-money laundering solutions, to SmartSearch, an established UK provider of anti-money laundering software and a portfolio company of Triple Private Equity (the “Transaction”). The Transaction is subject to customary closing conditions, including receipt of required regulatory approvals.
Under the terms of the agreement, Dye & Durham will receive gross proceeds of ~£77.8 million (or ~C$146.3 million)1. The Company intends to use all net proceeds to repay outstanding senior secured debt, advancing its deleveraging priorities and further strengthening its balance sheet. Since acquiring Credas, Dye & Durham has helped the business grow and scale, and the Transaction represents a successful realization of that investment.
“This is an important strategic accomplishment for our new management team, which has come together over the past several months with a clear mandate to reset the business,” said George Tsivin, Chief Executive Officer, Dye & Durham. “The sale of Credas is directly aligned with that reset by reducing debt, strengthening the balance sheet, and reinforcing the foundation for sustainable shareholder value. At the same time, we remain focused on our customers, delivering modern, integrated products and exemplary service that help them run their businesses more efficiently every day. By executing on our priorities – deleveraging, putting customers first, and driving operational efficiency – we are positioning Dye & Durham to deliver long-term success and lasting value for shareholders.”
As part of the Transaction, Dye & Durham has entered into a commercial agreement with Credas and SmartSearch, ensuring continuity of service for the Company’s practice management and data insights customers in the UK.
“While Credas is a valuable business, it is not core to Dye & Durham’s global product offering. I want to thank Tim Barnett and the entire Credas team for their contributions,” added Tsivin. “We are confident they will continue to be leaders in their field, and we look forward to maintaining a strong commercial relationship under their new ownership.”
Canaccord Genuity Corp. is serving as financial advisor to Dye & Durham, and Dentons is serving as its legal advisor.
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1 GBP to CAD exchange rate of $1.88, as of October 6, 2025 |
About Dye & Durham Limited
Dye & Durham Limited provides premier practice management solutions empowering legal professionals every day, delivers vital data insights to support critical corporate transactions and enables the essential payments infrastructure trusted by government and financial institutions. The Company has operations in Canada, the United Kingdom, Ireland, Australia, and South Africa.
Additional information can be found at dyedurham.com.
Forward-Looking Statements
This press release may contain forward-looking information within the meaning of applicable securities laws, which reflects Dye & Durham’s current expectations regarding future events, including statements relating to Dye & Durham’s disposition of Credas; the expected terms, timing and closing of the Transaction (including receipt of required approvals and satisfaction of other customary closing conditions); the expected impact of the disposition on the Company’s business and the Company’s ability to continue to provide services to its customers following the Transaction; and the Company’s future plans and expected benefits. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In particular, statements regarding Dye & Durham’s intention to strengthen its business offerings and refine its strategy to deliver greater value for its customers are forward-looking statements.
Forward-looking statements are not historical facts, nor guarantees or assurances of future performance, but instead represent management’s current beliefs, expectations, estimates and projections regarding future events and operating performance. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dye & Durham’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to: the risk associated with the Company’s and SmartSearch’s ability to obtain the approvals that are required to consummate the Transaction and the timing of the closing of the Transaction; the risk that the conditions to the Transaction are not satisfied on a timely basis or at all, or the failure of the Transaction to close for any other reason; the risk that a consent or authorization that may be required for the Transaction is not obtained or is obtained subject to conditions that are not anticipated; unanticipated difficulties or expenditures relating to the Transaction; the response of business partners and lenders, and retention risks arising as a result of the announcement and pendency of the Transaction; and the diversion of management time on Transaction-related issues, as well as the factors discussed under “Risk Factors” in Dye & Durham’s most recent annual information form. Dye & Durham does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events, or otherwise, except as expressly required by applicable law.
SOURCE Dye & Durham Limited
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