- Result of organic sales growth, new internal contracted-sales initiatives and recent tuck-in acquisitions
TORONTO, July 18, 2023 /CNW/ – Dye & Durham Limited (TSX: DND) (“Dye & Durham” or the “Company”), one of the world’s largest providers of cloud-based legal practice management software designed to make managing a law firm, organizing cases, and collaborating with clients easy, today announced it has surpassed $100 million in annual recurring revenue (“ARR”), a key marker of scale which positions the company strongly for future growth.
Dye & Durham reached the ARR milestone this week. This represents an increase of $33 million in the company’s ARR since the end of March and is the result of a mixture of strong demand for the company’s software products, new contracted-sales initiatives and the company’s recent tuck-in acquisitions in the legal practice management market. Dye & Durham has a stated goal of driving its ARR to more than 50% of total revenue by the end of fiscal 2026, while growing its annual adjusted EBITDA by 20-25% annually.
“Today is a major achievement for Dye & Durham and it’s especially impressive considering that our ARR stood at only $9 million in the first quarter of fiscal 2022,” said Dye & Durham CEO Matthew Proud. “We are focused on shifting our customer relationships from a single product-driven solution approach to a holistically consultative approach, building deeper and lasting partnerships to help legal professionals achieve more growth with less effort. This is a clear testament to the hard work, passion and dedication of our team and I’m excited to see us build on this momentum.”
Dye & Durham Limited provides premiere 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 www.dyedurham.com.
SOURCE Dye & Durham Limited
For further information: Media Relations: Morgan McLellan, VP, Global Communications, [email protected], 647-802-4825; Investor Relations: Ross Marshall, LodeRock Advisors Inc., [email protected], 416-526-1563
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