Information Services Corporation (TSE:ISV) has sold its 30% stake in Dye & Durham (D&D) for C$25mln in cash.
The stake has been sold to the other shareholders of D&D.
The sale crystallizes an C$18mln gain on ISC's initial investment in the data solutions provider. The funds will further strengthen the balance sheet of the provider of registry and information management services for public data and records.
“ISC has been very pleased with its investment in D&D; however, the time is right to divest and to focus on our other growth objectives and core business, deploying our capital resources at the appropriate time,” said Jeff Stusek, president and chief executive officer of ISC.
Shares in ISC rose 4.2% to C$17.98 in Toronto.