08:18 AM EDT, 10/07/2025 (MT Newswires) -- Dye & Durham Limited ( DYNDF ) , a provider of cloud-based legal practice management software trading near 52 week lows, said Tuesday that it entered into a definitive agreement to sell Credas Technologies, a UK-based provider of identity verification and anti-money laundering solutions, to SmartSearch, an established UK provider of anti-money laundering software and a portfolio company of Triple Private Equity.

Dye & Durham ( DYNDF ) will receive gross proceeds of approximately 77.8 million pounds sterling (or about C$146.3 million).

The company plans to use all net proceeds to repay outstanding senior secured debt, advancing its deleveraging priorities and further strengthening its balance sheet.

A statement noted that the transaction is subject to customary closing conditions, including receipt of required regulatory approvals.

Canaccord Genuity is serving as financial advisor to Dye & Durham ( DYNDF ), and Dentons is serving as its legal advisor.

Dye & Durham ( DYNDF ) entered into a commercial agreement with Credas and SmartSearch as part of the transaction, ensuring continuity of service for the company's practice management and data insights customers in the UK.

"This is an important strategic accomplishment for our new management team, which has come together over the past several months with a clear mandate to reset the business," said Dye & Durham's ( DYNDF ) chief executive officer, George Tsivin. "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.

This news comes after Ronnie Wahi, co-founder, former CFO and board member of Dye & Durham ( DYNDF ), last week announced that he intends to nominate individuals in connection with the company's 2025 annual meeting of shareholders, and seek to substantially reconstitute DND's board of directors. That came the same day that DND announced the issuance of a management cease trade order.