Dye & Durham closes Credas sale for $146.3-million

Executive Summary

• Dye & Durham Ltd. has closed the previously announced divestiture of its subsidiary, Credas Technologies Ltd., to SmartSearch (a portfolio company of Triple Private Equity).
• The transaction generated gross cash proceeds of approximately £77.8 million ($146.3 million), which the company intends to use entirely to repay outstanding senior secured debt to strengthen its balance sheet.
• As part of the deal, Dye & Durham entered into a commercial agreement with Credas and SmartSearch to ensure continuity of service for its U.K. practice management and data insights customers.

Key Details

• Transaction Structure: Divestiture of Credas Technologies Ltd. to SmartSearch.
• Buyer: SmartSearch, an established UK provider of anti-money-laundering software and a portfolio company of Triple Private Equity.
• Financial Consideration: Gross cash proceeds of approximately £77.8 million (approx. $146.3 million).
• Use of Proceeds: All net proceeds to be used to repay outstanding senior secured debt, supporting deleveraging priorities.
• Strategic Rationale: Simplifying the business and sharpening focus on core legal software platforms.
• Post-Transaction Arrangement: A commercial agreement was entered into with Credas and SmartSearch to maintain service continuity for U.K. customers.

Notable Quotes

• "The successful completion of the Credas divestiture represents an important milestone in our strategy to simplify the business and sharpen our focus on our core legal software platforms... We are pleased with the outcome of the transaction and the value created for our shareholders, while strengthening our balance sheet through debt repayment." — George Tsivin, Chief Executive Officer