Dye & Durham (DND), a provider of cloud-based solutions for legal firms, has announced it has acquired Future Climate Info Limited and certain assets from CLS Property Insights Limited (FCI) for approximately C$94 million. FCI provides practical solutions to reduce the environmental risk of property transactions through its cloud-based technology.
FCI is already integrated into Dye & Durham’s workflow platform and used on most real estate transactions by its U.K.-based customers.
Dye & Durham’s CEO Matt Proud said, “This acquisition is consistent with our stated objective of expanding within the ecosystems in which we operate, and in this case, brings into our ownership mission critical aspects of the U.K. property transaction process. Through our Platform, our customers are, by far, one of the largest consumers of environmental, ground risk and liability reports in the United Kingdom. The acquisition of FCI, along with the recently announced acquisition of Terrafirma, will allow us to drive significant revenue synergies as we provide a far more efficient and integrated offering.”
Dye and Durham has acquired Terrafirma, a U.K. property technology company focused on location intelligence, for approximately C$20 million. (See Dye & Durham stock analysis on TipRanks)
Last week, Scotiabank analyst Paul Steep maintained a Buy rating on DND and raised its price target to C$58.00 (from C$57.00) for 43.3% upside potential.
The rest of the Street is optimistic on DND with a Strong Buy consensus rating based on 3 Buys and 1 Hold. The average analyst price target of C$57.00 implies 40% upside potential from current levels. Shares are down approximately 20% year-to-date.
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