Corsham-based accountancy firm Purple Lime has worked with the shareholders of market-disrupting specialist software firm Terrafirma on its acquisition by an international sector leader.
Terrafirma, whose proprietary workflow software and data insights have been critical at transforming how decisions are made in property transactions in the UK, was acquired by Dye & Durham Corporation, a leading provider of cloud-based software and technology solutions for legal and business professionals, for £12m.
Purple Lime worked with Bristol boutique law firm Roxburgh Milkins and Hazlewoods, the Cheltenham accountancy firm, on the deal, which builds on Toronto Stock Exchange-listed Dye & Durham’s capabilities in the UK real estate value chain.
Bristol-based Terrafirma specialises in identifying ground hazards which may have been hidden for years. Its team of geologists, soil scientists and mining engineers have developed pioneering techniques, using artificial intelligence (AI) to create innovative ground risk models which can be implemented globally.
Purple Lime client director Peter Doe, pictured, said: “In a relatively short space of time, Terrafirma has established itself as a leading organisation in its industry challenging the status quo of the market.
“The acquisition by Dye & Durham will not only provide an exciting platform from which the business can exert a global influence but will also provide CEO and founder Tom Backhouse and his exceptionally talented team with the opportunity to thrive within an ambitious and highly resourced organisation.”
Purple Lime partner Oli Thomas added: “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.
“Fortunately, we were partnering with a highly experienced set of advisers in Roxburgh Milkins and Hazlewoods and our close working relationships ensured that we delivered a first-class result for our client.”
Purple Lime was praised by Tom Backhouse, who 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.
“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.”
Bruce Roxburgh and Laura Guest of Roxburgh Milkins provided legal advice to the shareholders, while Tom Woodcock of Hazlewoods provided transactional tax advice.
The sale reinforces Purple Lime’s position as a trusted accountancy and advisory firm for small and medium-sized businesses, with the knowledge and expertise to help businesses realise their potential and their owners’ ambitions.
The firm offers the full suite of corporate finance services ranging from merger & acquisition advisory through to fundraising and valuations.
It also uses the latest, cloud-based accounting technology to give customers easy access to accurate, in-depth reports and use that information to provide strategic advice to keep businesses on the path to success.
