Dye & Durham Ltd T.DND

Dye & Durham in talks to acquire GlobalX

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Toronto-listed Dye & Durham in talks to acquire GlobalX

Sarah Thompson, Anthony Macdonald and Tim Boyd

Feb 1, 2021 – 6.51pm

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Move over PEXA, there’s another conveyancing-related business in the sights of a big-money suitor.

GlobalX’s flagship products are its electronic conveyancing software Matter Centre, and its legal practice management software Open Practice. Peter Rae

Street Talk understands Toronto-listed software company Dye & Durham is in talks to acquire local legal software outfit GlobalX, which services law firms, conveyancers, financial institutions, property planners and governments.

Sources said while a deal was not signed, the talks related to an acquisition of the entire GlobalX business.

Established in 1994, GlobalX’s flagship products are its electronic conveyancing software Matter Centre, and its legal practice management software Open Practice.

The company posted $63.5 million revenue in the 2020 financial year, and a $2.6 million after-tax profit, according to accounts lodged with the corporate regulator. That was an increase on $58.5 million revenue and $1.5 million profit in fiscal 2019.

 

 

 

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News of the talks comes a couple of months since Dye & Durham – which has a $C2.6 billion ($2.7 billion) market cap – entered the Aussie market, after buying SAI Global’s property division for $91 million. SAI Global and GlobalX offer similar services.

When that transaction closed in January, Dye & Durham chief executive Matt Proud said the purchase gave the company the “opportunity to build a larger Australian business through future M&A that may unlock substantial synergy potential”.

While it was not clear who was in Dye & Durham’s corner this time around, Canaccord Genuity and Dentons helped it out on the SAI transaction.

GlobalX declined to comment when contacted by this column on Monday. Dye & Durham was reached for comment but did not reply in time for publication.