In a decisive move to fortify its balance sheet and shift gears from aggressive expansion to financial discipline, Dye & Durham Ltd. announced Tuesday that it will sell its U.K.-based subsidiary Credas Technologies Ltd. to British anti-money laundering software provider SmartSearch for £77.8 million ($104.4 million).
The deal marks a pivotal moment for the Toronto-based legal technology company as it seeks to repay senior secured debt and sharpen its focus on core operations, following a turbulent year of shareholder unrest and strategic recalibration.
A Turn Toward Stability and Sustainability
Dye & Durham told investors that all net proceeds from the Credas sale will go toward debt repayment — a key part of the company’s ongoing deleveraging strategy. The sale also underscores its commitment to restoring financial strength after halting mergers and acquisitions earlier this year.
“This is an important strategic accomplishment for our new management team,” said George Tsivin, CEO of Dye & Durham. “The sale of Credas is directly aligned with our reset — reducing debt, strengthening the balance sheet, and reinforcing the foundation for sustainable shareholder value.”
The company added that it has entered into a commercial agreement with both Credas and SmartSearch to ensure service continuity during the customer transition period.
