Terrafirma IDC Ltd is a unique property tech business, focusing on location intelligence whose proprietary workflow technology software and data insight have been critical in transforming how decisions are made in UK property transactions.
Find out more at www.terrafirmaidc.co.uk
Case Study Overview
The Project
Terrafirma IDC Ltd’s work has put them on a massive trajectory over the past three years, leading Dye & Durham Corporation to enquire about an acquisition in order to support their own growth plans and expand Terrafirma’s work. Their ground-breaking technology fits in with Dye & Durham’s workflow platform and provides its legal and conveyancing client base with cohesive access to these valuable insights. Dye & Durham are a Canadian, TSX listed company (TSE: DND) with offices in the UK and Australia who specialise in cloud-based technology and software for the legal and property sectors. Purple Lime were involved from the beginning supporting Terrafirma in the commercial negotiations and deal structure.
Challenges and Objectives
Every deal has its challenges, and, in this case, a highly acquisitive listed buyer combined with the requirement to work across time zones, created a unique set of challenges on this transaction. Both sides were happy to progress with the sale, with Purple Lime taking the role of lead corporate finance negotiators for Terrafirma. Purple Lime’s specialist team pulled together the relevant historical financial information, negotiated the deal mechanics, agreed the accounting principles with the buyer and responded to due diligence enquiries in order to ensure good value for Terrafirma shareholders and a fair result for all parties.
The Result
The acquisition was successfully completed on time, with all parties satisfied with the terms. Partnering with a highly experienced set of advisers in Roxburgh Milkins LLP and Hazlewoods ensured that Purple Lime delivered a first-class result for their client. Terrafirma will now be able to continue building on its current success, potentially creating jobs, and securing its market share with the support of a global group behind it. Terrafirma CEO and Founder Tom Backhouse said: “Peter was an integral part of my management team, working around the clock to deliver the sale and enable Terrafirma to level up and continue its growth journey in the UK’s property and legal markets. Purple Lime’s team have supported Terrafirma through the last two years of growth pre-sale and have been a vital finance function of the senior leadership team.”
They Said
“This acquisition is consistent with our stated objective of expanding within the ecosystems in which we operate, and in this case, brings onto our platform mission critical aspects of the U.K. property transaction process,” said Matt Proud, CEO of Dye & Durham Corporation.
It has been a joy to work with Peter and Oli and we are very grateful for their hard work to deliver the sale of the business to a fast growing and ambitious company in Dye & Durham Corporation.
