The Dolan Company (NYSE: DM), a leading provider of professional services and business information to the legal, financial and real estate sectors in the United States, today announced that it sold the assets of its NDeX South business to the law firm affiliates of that business and has reached an agreement in principle to sell its NDeX Indiana business to its Indiana law firm affiliate.
The NDeX South transaction, which closed yesterday, and the proposed NDeX Indiana transaction together provide for approximate total consideration of $17.5 million, including certain cash at closing, with the majority of payments to come within the next three years. The NDeX Indiana transaction is subject to completion of definitive agreements and satisfaction of any closing conditions in those agreements.
Buyers of NDeX South include the law firms Barrett Daffin Frappier Turner & Engel, LLP; Barrett Daffin Frappier Levine & Block, LLP; and Barrett Daffin Frappier Treder & Weiss, LLP. NDeX South has provided back office and support services to these mortgage default law firms and their clients in Texas, California, Georgia and Nevada.
The intended buyer of NDeX Indiana is the law firm Feiwell & Hannoy, PC. NDeX Indiana provides back office and support services to this mortgage default law firm and their clients in Indiana.These transactions are consistent with The Dolan Company’s previously announced plan to restructure its National Default Exchange unit, moving towards providing specialized technology services and away from providing a broad range of back office services to mortgage default law firms. The Dolan Company is a leading provider of professional services and business information to the legal, financial and real estate sectors. Its Professional Services Division provides specialized outsourced services to the legal profession through its subsidiaries, NDeX, DiscoverReady and Counsel Press. NDeX is a leading provider of mortgage default processing services in the United States. DiscoverReady provides outsourced discovery management, including document review and data hosting and processing services, to major corporations and law firms. Counsel Press is the largest provider of appellate services in the United States. The company's Business Information Division publishes business journals, court and commercial media and other highly focused information products and services, operates web sites and produces events for targeted legal and professional audiences in each of the 19 geographic markets it serves across the United States.