ISC sells Dye & Durham minority stake for $25M

Photo of author

By Ted Liu

Information Services Corporation (TSX: ISV) has sold its 30% interest in Dye & Durham Corporation (D&D) to the other shareholders of D&D for $25 million in cash.

On September 2, 2015, ISC completed a $3.3 million investment in OneMove Technologies Inc., acquiring 30% of the issued and outstanding voting common shares.

Matthew Proud and brother Tyler Proud, through Plantro Ltd., took OneMove Technologies Inc. in 2013.

OneMove Technologies acquired 100% of D&D in February 2016 and 51% of Easy Convey Limited in April 2016. Dye & Durham acquired100% of OnCorp Direct Inc. in March 2017.

ISC contributed further $3.7 million, representing its pro rata share of equity raises by Dye & Durham to fund the three acquisitions, maintaining ISC’s 30% ownership interest.

Dye & Durham is reportedly weighing a potential initial public offering (IPO).

Jeff Stusek, President and CEO commented, “ISC has been very pleased with its investment in D&D. However, the time is right to divest and to focus on our other growth objectives and core business, deploying our capital resources at the appropriate time. We would like to congratulate D&D on its growth during our time as a shareholder and wish Matthew Proud, CEO of D&D, and his team continued success.”

Origin Merchant Securities Inc. acted as exclusive financial advisor to ISC on this transaction.

photo credit: Dye & Durham Corporation