Telus sells financial solutions business to Dye & Durham

The transaction is valued at $500 million

Cloud-based software and technology solutions company, Dye & Durham, has announced the acquisition of Telus’ Financial Solutions Business.

The merger will leverage Telus’ digital infrastructure to assist Dye & Durham’s clientele of legal and business professionals. The application from Telus focuses on connecting financial institutions with the legal industry to share information relating to mortgages.

Along with the purchase of “certain assets” from Telus Corporation, the deal is worth $500 million.

“This transaction is consistent with our growth strategy, adds significant scale within our current Canadian business, and is very well suited for our proven “acquire and integrate” playbook,” Matt Proud, the CEO of Dye & Durham, said in a statement.

“Additionally, this acquisition expands our capability by adding the largest non-bank payment platform in Canada, processing 140 million bill and tax payments and moving an aggregated value of over $1.3 trillion annually, in partnership with financial institutions, billers and government agencies.”

The company operates in Canada, Ireland, and the United Kingdom.

Image source: ShutterStock

Source: Dye & Durham