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Cision Canada
08-07-2025
- Business
- Cision Canada
Dye & Durham Highlights New Leadership's Commitment to Advancing Turnaround Initiatives and Maximizing Value for Shareholders
New leadership shares strategy to enable the Company to evaluate value-maximizing options from a position of strength Shareholders Need Not Take Any Action in Response to Ex-CEO Matthew Proud's Meeting Requisition TORONTO, July 8, 2025 /CNW/ - Dye & Durham Limited ("Dye & Durham" or the "Company") (TSX: DND), a leading provider of cloud-based legal practice management software, today confirmed that Plantro Ltd. ("Plantro"), an investment vehicle overseen by former Dye & Durham CEO Matthew Proud, has submitted a requisition seeking a special meeting of shareholders (the "Special Meeting") for the purposes of reconstituting a meaningful portion of the Company's recently refreshed Board of Directors (the "Board"). Dye & Durham's Board is in the process of working with independent legal counsel and advisors to review the validity of the submitted requisition. The Company's shareholders need not take any action at this time. Since shareholders voted decisively to reconstitute the Board in December 2024 with highly qualified members, Dye & Durham has moved quickly to execute a focused turnaround for value creation. Led by a refreshed Board and management team, including CEO George Tsivin, CFO Avjit Kamboj and CPO Nikesh Patel, the Company is stabilizing operations, implementing best practice metrics and operational processes, improving customer experience and driving a sustainable go-to-market strategy. New leadership is focused on addressing a plethora of legacy issues, innovating across the product suite and charting a clear path to responsible deleveraging. After years of disruptive debt-fueled acquisitions, the focus has been on building durable customer relationships and creating long-term, profitable growth. In only six months, the Company has appointed new leadership and made significant investments to enhance its customer service, product and account management teams which is already yielding positive results. The Company's customer service response times have improved by 85% since January, and it has simultaneously increased both the quantity and quality of product releases, delivering over 200 product improvements while also fulfilling its commitment to product innovation in the British Columbia market with a dedicated team in the province. Dye & Durham's Board of Directors believes shareholders are best served by allowing new management to execute its strategy, which is gaining momentum and has already seen significant results. The Board and management team remain committed to evaluating and implementing all options to accelerate value creation and deliver the best long-term outcomes for shareholders, employees and customers. Shareholders are not required to take any action; however, we invite investors to engage with us to provide feedback about what they believe is best for the Company. A robust dialogue with investors is important to Dye & Durham's Board of Directors and management. About Dye & Durham Limited Dye & Durham Limited provides premier practice management solutions empowering legal professionals every day, delivers vital data insights to support critical corporate transactions and enables the essential payments infrastructure trusted by government and financial institutions. The company has operations in Canada, the United Kingdom, Ireland, Australia, and South Africa. Additional information can be found at Forward-Looking Statements This press release may contain forward-looking information within the meaning of applicable securities laws, which reflects Dye & Durham's current expectations regarding future events. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In particular, statements regarding Dye & Durham's intention to strengthen its business offerings and refine its strategy to deliver greater value for its customers are forward-looking statements. Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent management's current beliefs, expectations, estimates and projections regarding future events and operating performance. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dye & Durham's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under "Risk Factors" in Dye & Durham's most recent annual information form. Dye & Durham does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Reuters
07-07-2025
- Business
- Reuters
Dye & Durham investor Plantro calls for special meeting, urges sale of company, documents show
NEW YORK, July 7 (Reuters) - Canadian legal software maker Dye & Durham's ( opens new tab second biggest investor, Plantro Ltd, has launched a proxy fight to elect new directors and is pushing for a sale of the company, according to documents seen by Reuters. Plantro Ltd, which owns 11% of Dye & Durham, told the company on Monday that it nominated three director candidates to the 7-person board and that it requisitioned a special meeting where shareholders would vote on the nominees. Its nominees would bring expertise in buying and selling companies, capital allocation, operations, technology and governance, Plantro said. The company nominated industry executives Brian Bidulka, David Danziger, and Martha Vallance, a former chief operating officer at Dye & Durham. It wants them to replace board chair Arnaud Ajdler and directors Tracey Keates and Ritu Khanna. A representative for Dye & Durham did not immediately respond to a request for comment and the three directors could not be immediately reached for comment. The investor, a company controlled by former Dye & Durham CEO Matthew Proud, previously asked Dye & Durham to stabilize its executive ranks, divest the financial services division, and later this year work on selling the remaining core business. Now Plantro is turning up the heat. Selling the financial services unit is not enough to solve the company's problems and the share price would continue to sink if Dye & Durham remained a publicly traded company, it argued. Plantro wants a full sale immediately, arguing this is the only way to realize a control premium for shareholders and restore stability in the business. The stock has lost 42% of its value since January and is worth roughly $488 million. Plantro said new blood is needed in the boardroom because current directors refuse to engage with potential buyers. It also said there are parties that would want to buy the company but did not identify those parties. The company acknowledged in February it had received an unsolicited takeover bid for C$20 a share but it was not engaging with the party. Dye & Durham last year hired Goldman Sachs (GS.N), opens new tab as a strategic adviser to review options but in November said it was pausing its review after feedback from shareholders.
Bloomberg
07-07-2025
- Business
- Bloomberg
Ousted CEO Escalates Dye & Durham Power Struggle, Calls on Company to Sell
A firm headed by the former chief executive officer of Dye & Durham Ltd. says the Canadian software company should put itself for sale. The shares surged. Plantro Ltd., which is run by Matthew Proud and owns about 11% of Dye & Durham, also proposed adding three of its own nominees to the board.
CNA
07-07-2025
- Business
- CNA
Dye & Durham investor Plantro calls for special meeting, urges sale of company, documents show
NEW YORK :Canadian legal software maker Dye & Durham's second biggest investor, Plantro Ltd, has launched a proxy fight to elect new directors and is pushing for a sale of the company, according to documents seen by Reuters. Plantro Ltd, which owns 11 per cent of Dye & Durham, told the company on Monday that it nominated three director candidates to the 7-person board and that it requisitioned a special meeting where shareholders would vote on the nominees. Its nominees would bring expertise in buying and selling companies, capital allocation, operations, technology and governance, Plantro said. The company nominated industry executives Brian Bidulka, David Danziger, and Martha Vallance, a former chief operating officer at Dye & Durham. It wants them to replace board chair Arnaud Ajdler and directors Tracey Keates and Ritu Khanna. A representative for Dye & Durham did not immediately respond to a request for comment and the three directors could not be immediately reached for comment. The investor, a company controlled by former Dye & Durham CEO Matthew Proud, previously asked Dye & Durham to stabilize its executive ranks, divest the financial services division, and later this year work on selling the remaining core business. Now Plantro is turning up the heat. Selling the financial services unit is not enough to solve the company's problems and the share price would continue to sink if Dye & Durham remained a publicly traded company, it argued. Plantro wants a full sale immediately, arguing this is the only way to realize a control premium for shareholders and restore stability in the business. The stock has lost 42 per cent of its value since January and is worth roughly $488 million. Plantro said new blood is needed in the boardroom because current directors refuse to engage with potential buyers. It also said there are parties that would want to buy the company but did not identify those parties. The company acknowledged in February it had received an unsolicited takeover bid for C$20 a share but it was not engaging with the party. Dye & Durham last year hired Goldman Sachs as a strategic adviser to review options but in November said it was pausing its review after feedback from shareholders.
Reuters
02-06-2025
- Business
- Reuters
Dye & Durham shakes up C-suite with new picks, ignores former CEO's demands
June 2 (Reuters) - Dye & Durham ( opens new tab on Monday announced a dramatic shift in leadership when it named a new chief executive and a new chief financial officer, ignoring demands from a former chief who is also a large investor to pursue a different course. The Canadian legal software maker appointed former LexisNexis executive George Tsivin as chief executive and brought back Avjit Kamboj to reprise his role as chief financial officer. It also hired Nikesh Patel as chief product officer. "After an in-depth and diligent search, we have assembled a world-class leadership team to guide the company through its next chapter," board chair Arnaud Ajdler said in a statement. Kamboj, who left Dye & Durham in 2022, guided the company's financial strategy during its initial public offering and significant growth stages. The announcement comes two weeks after a former Dye & Durham CEO, Matthew Proud, urged the company to stop searching for a new chief and permanently hand the job to the man doing it already in an interim capacity. More importantly, Proud, whose company Plantro Ltd controls 12% of Dye & Durham, urged a board refresh and is pushing the company to divest the financial services division and then begin work on selling the remaining core business. He also said he is ready to call a special shareholder meeting unless the board considers the changes he is proposing. He stepped down from the CEO position six months ago. Dye & Durham's financial performance has worsened, Proud said on Monday, as earnings have dropped against a backdrop of higher costs and flat revenue. The company has not publicly responded to Proud's criticisms. The company last month reported third quarter fiscal 2025 earnings and its stock price tumbled 50% in the last six months, valuing the company at roughly $490 million. The stock price fell nearly 2% in early trading on Monday. At December's annual meeting, activist investor Engine Capital, run by Ajdler, won control of the board through a proxy fight.
