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Cloud software company Dye & Durham Ltd. of Toronto has signed a deal to buy U.K.-based rival Property Information Exchange Ltd. for $52.9 million.

Property Information Exchange offers cloud-based real estate due diligence products in the United Kingdom.

Dye & Durham said the company is a direct competitor and it plans to integrate and streamline the offerings of the two business.

In connection with the deal, Dye & Durham said Tuesday it will raise $50 million in a private placement of shares that will be used to help pay for the acquisition.

The company completed its initial public offering and began trading on the Toronto Stock Exchange on July 17. It raised $172.5 million in the offering and over-allotment option.

The acquisition was announced as Dye & Durham reported a loss of $3.8 million or 18 cents per share in its fourth quarter compared with a year-earlier profit of $1.7 million or eight cents per share..

Revenue for the quarter ended June 30 slipped to $14.2 million compared with $15.1 million a year ago.

Dye & Durham says it cut $4.1 million in costs compared with its third quarter through permanent and temporary measures in response to the COVID-19 pandemic.

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