By Oliver Smith on Friday 6 August 2021
Shareholders have been told not to expect a return.
London-based data provider DueDil yesterday announced it is entering a “strategic partnership” with software firm Artesian Solutions, however AltFi can exclusively reveal that this is actually a merger.
DueDil shareholders were informed in July that a merger with Artesian was the only option the board could recommend “given our lack of funding” in a letter seen by AltFi, and that they would not receive a return as the company’s debts are greater than the purchase price.
In a press release yesterday DueDil said the “new and exciting Strategic Partnership” would see the two companies combine their data and insight platforms to deliver a better service for “banks, insurers and financial services companies to do better business, faster by helping them find, onboard and retain the right customers for life.”
A DueDil spokesperson confirmed to AltFi that in fact the merger is happening and will be announced “very soon”.
According to Crunchbase, the company has raised $53.4m in equity, debt and in grants over the last decade.
In its latest annual results, Augmentum does not assign a specific value to DueDil in its portfolio, listing it under ‘other investments’, and has not made a significant follow-on investment in the group since 2019.
DueDil is one of London’s earliest fintechs, having been founded by Damian Kimmelman and Justin Fitzpatrick in 2011. Initially the firm scraped and ordered data from Companies House into its own premium service, before dramatically expanding to include all kinds of datasets on private companies, directors and company owners.
“The most successful companies are those who collaborate to deliver the best outcomes for their customers,” said CEO Fitzpatrick yesterday.
“We are delighted to work in partnership with Artesian to increase the pace of digital transformation in the financial services industry – helping our customers connect theirs to the best financial products and services.”