Manulife Capital backed Dye & Durham files IPO on TSX

Dye & Durham Corporation, a portfolio company of Manulife Capital Inc., has filed a preliminary prospectus in connection with a proposed initial public offering and concurrent secondary offering.

The selling shareholders include Plantro Ltd., Seastone Invest Limited, Manulife Capital, Ronnie Wahi and Adrian Turchet.

Dye & Durham has applied to list its shares on the Toronto Stock Exchange (TSX).

BMO Nesbitt Burns Inc., Scotia Capital Inc. and Canaccord Genuity Corp. act as underwriters. for the offering. Goodmans LLP and Osler, Hoskin & Harcourt LLP are acting as legal counsel for Dye & Durham and the underwriters respectively.

Toronto based Dye & Durham is a leading provider of cloud-based software and technology solutions designed to improve efficiency and increase productivity for legal and business professionals. For the year ended June 30, 2018, Dye & Durham reported $32.5 million in revenue and $14.1 million in EDITDA.

Formerly known as OneMove Technologies Inc., the company was taken private by CEO Matthew Proud and Tyler Proud in June 2014.

Information Services Corporation (TSX: ISV) acquired 30.1% of OneMove in September 2015 for $3.3 million.

In February 2016, OneMove acquired Dye & Durham Corporation and continued as Dye & Durham Corporation. The company also made several acquisitions including UK based Easy Convey Limited, UK based Finlay Associates Limited, Toronto based OnCorp Direct Inc. and Vancouver based ESI Software Inc.

In October 2017, Dye & Durham repurchased ISC’s 30.1% interest for $25 million.

Manulife Capital acquired a minority stake in Dye & Durham in April 2018.

photo credit: Dye & Durham

Ted Liu

Ted Liu, M.Sc. (Mining), MBA (Finance), is the Editor of Private Capital Journal and CanadaMetals.ca, and former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA). Ted was the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, the most sophisticated and advanced all private capital and public market financing database.