The ACCC will not oppose the proposed acquisition of GlobalX Information Pty Ltd (GlobalX) by Dye & Durham Corporation (Dye & Durham), finding the transaction will not substantially lessen competition.
Dye & Durham and GlobalX are both information brokers that provide company, property and personal searches to a range of customers such as conveyancers, law firms, banks and direct to consumers. They also provide conveyancing software and manual property settlement services.
"We examined the proposed acquisition carefully as it would combine two of the five major information brokers in Australia," ACCC Commissioner Stephen Ridgeway said.
"We found that the three other major information brokers would continue to provide competition to Dye & Durham post-acquisition."
Although the proposed acquisition would combine two of the major brokers that conveyancers and lawyers use, there were few concerns raised in market feedback. The information obtained by the ACCC indicated that other information brokers or industry participants could expand and improve their offering to better suit and attract more conveyancing and legal customers.
"Many customers gave us feedback that switching information brokers was not difficult, and many of them already use multiple information brokers at once," Mr Ridgeway said.
"In addition, we consider that regulatory bodies such as state land titles offices can influence how their information is distributed, which makes it more difficult for information brokers to exercise market power. Regulatory bodies could also encourage and facilitate an increase in the number of licensed information brokers."
The ACCC also concluded that the proposed acquisition was unlikely to result in a substantial lessening of competition in the markets for conveyancing software and manual property settlement services, or in the supply of information services to competing legal practice management software providers.
Further information is available at Dye & Durham Corporation - GlobalX Information Pty Ltd.
Background
Dye & Durham is an international provider of cloud-based software and technology solutions to legal and business professionals including lawyers and conveyancers. Dye & Durham entered the Australian information services market with its purchase of SAI Global's Property Division in January 2021.
In Australia, Dye & Durham - through SAI Global - is an information broker supplying information services to corporate clients. Dye & Durham also provides conveyancing software solutions (Iceridge and Conveyancing Manager) and manual property settlement services.
GlobalX is an information broker offering information search services and manual property settlement services, including through the search platform GlobalX Terrain. GlobalX also provides legal practice management and conveyancing software including Open Practice and Matter Centre.
