Dye & Durham to sell Credas for 77.8 million pounds

Executive Summary

• Dye & Durham Ltd. entered a definitive agreement to sell Credas Technologies Ltd. to SmartSearch for £77.8 million (≈ $146.3 million).
• Net proceeds will be used to repay outstanding senior secured debt, advancing the company’s deleveraging strategy and strengthening its balance sheet.
• The sale is positioned as a strategic reset by management, removing a non‑core asset while maintaining service continuity for Credas customers through a commercial agreement with SmartSearch.

Key Details

• Transaction Value: Gross proceeds of approximately £77.8 million (≈ $146.3 million).
• Buyer: SmartSearch, a U.K. anti‑money‑laundering software provider and portfolio company of Triple Private Equity.
• Seller: Dye & Durham Ltd., retaining no equity interest in Credas post‑sale.
• Use of Proceeds: 100 % of net proceeds earmarked to repay outstanding senior secured debt, supporting deleveraging priorities and balance‑sheet strengthening.
• Closing Conditions: Subject to customary closing conditions, including receipt of required regulatory approvals.
• Continuity Agreement: Dye & Durham entered a commercial agreement with Credas and SmartSearch to ensure uninterrupted service for Credas’ practice‑management and data‑insights customers in the U.K.
• Advisors: Canaccord Genuity Corp. (financial adviser); Dentons (legal adviser).
• Exchange Rate Note: British‑pound‑to‑Canadian‑dollar rate of $1.88 as of Oct. 6, 2025 (used for conversion in the release).

Notable Quotes

“This is an important strategic accomplishment for our new management team… The sale of Credas is directly aligned with that reset by reducing debt, strengthening the balance sheet and reinforcing the foundation for sustainable shareholder value.” – George Tsivin, CEO, Dye & Durham.

“While Credas is a valuable business, it is not core to Dye & Durham's global product offering… we look forward to maintaining a strong commercial relationship under their new ownership.” – George Tsivin, CEO, Dye & Durham.