Dye & Durham Acquires TELUS' Financial Solutions Business For $500 Mln - Quick Facts

(RTTNews) - Dye & Durham Ltd. (DND, DND.TO), a provider of cloud-based software and technology solutions, announced Monday that it has acquired the Financial Solutions Business and certain assets of TELUS Corp. (TU) for $500 million.

TELUS' Financial Solutions Business provides leading digital infrastructure and technology solutions to the financial community across Canada. With its web-based software, TELUS' Financial Solutions Business connects all major Canadian financial institutions with the legal profession providing a seamless way to receive mortgage instructions and to discharge mortgages.

The acquisition is very complementary to Dye & Durham as TELUS' Financial Solutions Business has a deep history of collaboration with the Canadian financial community and today provides the well-established digital financial ecosystem for payment processing and real estate technology in Canada, serving many well-known customers within the financial services vertical.

This acquisition expands Dye & Durham's 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.