ASX-listed software-as-a-service virtual data room provider Thedocyard has announced it would merge with Sydney-headquartered Ansarada to create a $125 million company.
Both companies are specialists in virtual data rooms, secure online repositories for document storage and distribution that are often used during the due diligence process ahead of a merger or acquisition to review, share and disclose company documentation.
Thedocyard (TDY) said the merger would combine its transaction workflow management platform and Athena board management portal with Ansarada’s virtual data room and pathways platforms.
The combined entity would have more than 2,600 customers and 400,000 active users, including major enterprises, investment banks and advisory firms.
TDY chief executive Stuart Clout said, “I’m thrilled to announce this transaction today. Consistent with our recent acquisition of the Athena Board portal, thedocyard is focused on building out our stable of technologies that make corporate events such as transactions and board meetings more efficient and more secure.”
“With this transaction, our reach will be greater, our opportunity to solve more of our customers' problems enhanced, and our vision to be the trusted technology partner to corporates, advisors and funds is accelerated.”
Ansarada chief executive Sam Riley said, “The combination of Ansarada and thedocyard is truly great as our respective product solutions and customer bases are highly complementary, as is the vision and values we share.”
“We both lead with innovation and curiosity to serve our customers to achieve better outcomes. The combined technology and expertise of Ansarada and thedocyard will create an unrivalled SaaS platform for information governance and end-to-end management of corporate transactions.”
The transaction is expected to complete by early December 2020.