In January 2021, Dye & Durham completed the acquisition of SAI Global Property Division for $91 million. It has now been announced that GlobalX has also joined Dye & Durham. Dye & Durham is multinational technology company listed on the Toronto Stock Exchange (TSX: DND) with a market capitalisation of around CAN$3 billion.
Peter Maloney, CEO of GlobalX has stated:
I am delighted to share with you some very exciting news about the future of GlobalX. You may have seen in the media some coverage about GlobalX and Toronto based Dye & Durham (D&D) being in discussions to merge, and I am pleased to write to you today and confirm that we have agreed to a merge.
What does this mean for our partners, customers & operations?
Functionally, absolutely nothing. I want to stress that it is business-as-usual; we will continue to invest in great technology, our services and the people that you have come to enjoy at GlobalX.
We have always been a leading, positive advocate for our industry, and we will continue to advocate for the future growth of the LegalTech and information industries, so our customers can benefit from fully integrated workflow management platforms and digital tech tools. We will also continue to help customers adapt to changing practices and norms in the new digital world.
D&D and GlobalX initiated merger discussions because of what we do for our clients and what a merged entity could do for them in the future. This is a hugely exciting day for our business and the possibilities of what can be achieved for our clients in the future.
I will continue to lead the organisation in Australia, and I am really looking forward to continuing to invest in and build the Australian business with the backing a great global company.
As a publicly listed business on the Toronto Stock Exchange (TSX), D&D is governed by high levels of regulation and public disclosure requirements.
Dye & Durham Limited separately announced that it entered into a definitive agreement to acquire GlobalX for approximately CAN$166 million. The transaction is expected to close in the fourth quarter of the Company’s current fiscal year, subject to required regulatory approvals.