the Sidoti Small Cap Conference, so looking forward to sharing a bit about ISC, as we're known to our friends, with you all today, and without getting into the legal, I'll leave that with you to peruse at your leisure, later on, but just getting straight into it, bit of an introduction about ISC. We're a leading provider of registry and information management technology and services for public data and records related to land, personal property, and corporations. Registries, if you don't know, are essential for legal transactions, property rights, and corporate governance. We manage and provide access to registries, thereby ensuring security, legal compliance, and ease of access to the users.
We operate our business through three lines: registry operations, services, and technology solutions, which I'll get into in a bit more depth as we go through the presentation. Our customers typically include government agencies, private businesses and corporations, legal professionals, financial institutions, and individuals. We're just shy of 600 employees. We expect to do between CAD 240 million to CAD 250 million in revenue this year. We've got 8 offices here in Canada, one internationally, based in Dublin. We pay a dividend and have done since we IPO'd in 2013. We've got about CAD 22 million cash in hand and total debt of about CAD 163 million, again, all in Canadian dollars, from a CAD 250 million dollar facility.
I'll speak to that in terms of what that investment's about as we get through the presentation. As you're hearing a bit more about the company, there's some key considerations you should probably keep in mind as you're thinking through things. This is a company that's delivering really strong growth, predictable cash flow. You'll hear me say cash flow quite a bit, and revenue diversification across the three business segments that I mentioned. Our registry operations segment, through a very, very great long-term contract that runs to 2053, is expected to do about CAD 1.3 billion in cash flow over the next thirty years. Our services business is expected to grow significantly as well.
It's done that over the last few years since we've created that segment in 2015, grown that business from CAD 12 million to CAD 100 million in revenue, since acquiring the brand under which that business operates in 2015. And then, last but not least, we've got our Technology Solutions business, which allows for future growth and international expansion. You know, we've got a strong history of M&A. We've deployed over CAD 200 million into 8 transactions since 2015, including the one I mentioned earlier. We've consistently rewarded our shareholders through stable and predictable dividends. We've got a strong balance sheet and free cash flow, which will support meaningful organic and M&A growth strategy that we have.
As I mentioned, our revenue guidance for 2024 is CAD 240 million-CAD 250 million, and Adjusted EBITDA guidance of CAD 83 million-CAD 91 million. We're targeting to double our annual revenue and Adjusted EBITDA by 2028 based on our 2023 actuals. So, we'll get into more about that as we get through the business, and into that part of the strategy. This is all supported by a world-class management team, needless to say, and board of directors with a significant experience in, registries, information services, technology, finance, and M&A. So well-positioned, in terms of resources and leadership to support the growth. Just a bit more about the operations of the business.
Our registry operations, and this is just, again, the delivery of registry information and regulatory services on behalf of governments and private sector organizations. Each registry that we operate and manage serves a specific purpose and caters to different stakeholders. The types of registries we work with typically fall into these categories: land, corporate, personal property. Those are kind of the heritage registries that we started with. There are also other registries that we operate on behalf of government, both typical and non-typical registries. Some of those examples would be we announced the win of a federal contract here in Canada to manage and operate the Bank Act Security Registry on behalf of the Bank of Canada this year. So that would be an example of a non-typical registry in that sense.
Each of the registries we operate serves a critical function. They're crucial for real estate transactions, property ownership verification, legal dispute resolutions, lenders and borrowers to secure their and verify their claims on personal property. Needless to say, our role in managing these registries helps to ensure accurate and up-to-date records that are accessible to authorized parties in a secure and efficient manner. Much of our growth in this area is supported by a master service agreement with the province of Saskatchewan to manage and operate the Saskatchewan registries on their behalf. We extended that agreement in 2023, so just last year.
We paid CAD 300 million for this extension, CAD 150 million upfront, which speaks to the drawdown on our credit facility, and we expect to make the balance of those payments over CAD 30 million a year over the next 5 years. But this is a fantastic contract that extends a long-standing and successful partnership, unlocks further value of the Saskatchewan registries, which are a high-quality, infrastructure-like asset. Strong, stable, long-term cash flow is really what it means. We've also secured new revenue through some fee enhancements and, you know, obviously attractive transaction economics, which created significant value for our shareholders and, as I've mentioned already, acts as a catalyst to accelerate our long-term growth strategy. The second segment we have are our services business, which has sort of now become the second core part of our business.
This business leverages our core competencies in understanding registries and how to extract and package critical data. So what we do here is we deliver solutions uniting public data records, predominantly in Canada, customer authentication, corporate services, collateral management, and asset recovery, to support the registration, due diligence, and lending practices of customers across Canada. And that's through three divisions within that segment: due diligence, collateral management, asset recovery, as I mentioned, and that sort of thing. So this really is expected to be the growth engine from an organic perspective of our business. And then last but not least, technology solutions. This business utilizes our proprietary suite of technologies, predominantly through RegSys, where we develop, deliver, and enhance operations and services for government and private registries globally.
This business has leading technology that delivers operational excellence, market differentiation, and customer satisfaction. Just a bit about the segment strategy and revenue composition. So just to sum up, Registry Operations, this is a consistent growth business with a strong and predictable foundation. It's underpinned by long-term contracts, particularly the one for the Saskatchewan registries, and provides stable, diversified, long-term source of cash flows. Services is, as I said, the strong growth business. This is our growth engine that leverages our core competencies and complements the existing segments and provides user fees, revenue streams. And then again, Technology Solutions. Good scaling opportunities here. This business was the most impacted by the pandemic, and really has started to ramp up over the last couple of years.
But registry operations and services really are the two drivers and the ones that deliver most of our revenue and our EBITDA. Just an example of some of our clients here. Under registry operations, I've talked about the Government of Saskatchewan, the Government of Ontario. We also have a second division within registry operations, where we manage and operate the Ontario Property Tax Assessment services or provide those services to over 440 municipalities in Ontario. And then I mentioned the Bank Act Security Registry, which is not necessarily material, but that for the Bank of Canada. So that's our first federal registry there. Under the services segment, we mainly serve legal and financial industry customers.
Due to contractual obligations, we're not allowed to name them, but we can say that we currently service 18 out of the 33 Schedule I banks here in Canada, and 12 out of 15 of the largest law firms in Canada. On the technology solution side, really interesting clients, here, the Irish Aviation Authority, we're implementing and supporting its new safety regulation system. We also have a contract with Nova Scotia to support their Registry of Joint Stock Companies. That's a 10-year contract, which started, kicked off in two thousand and eighteen. So we replaced the technology that they had there and supporting the registry going forward. States of Guernsey, Republic of Cyprus, you can get the idea that these are very much international...
This is an international business opportunity here in terms of the kind of clientele that we typically have. So in terms of our industry, you know, this is really important to understand as you know as we start to get towards talking about the growth strategy. And it's important to note that we operate in a highly specialized and complex landscape, and our business is really well positioned to capitalize on market trends that we've observed over the last 10 years. The first of which is outsourcing business processes and services. All of our clients, governments, legal firms, financial institutions, they're always looking to find cost savings and focus on their core business without compromising that service quality.
So if a bank's looking to do due diligence on a new customer who's looking for a loan, they don't necessarily want to have that competency in-house, but they wanna know that they can execute on that pretty quickly in terms of their due diligence. We're also seeing a lot of increased regulatory and compliance requirements. So, you know, from our perspective, that's you know, bread and butter in terms of the due diligence that we do on behalf of clients. You know, the reliability of security and information, we're well-versed in that. And then, you know, the emerging global registry market that we see, we think this is something that's an emerging sector and have done for a number of years, and we've seen that.
For example, you know, it on our technology solutions side, drone registries are things that governments are looking at. All sorts of different types of registries are coming to the fore as things continue to develop in that regard. In terms of our competition, all three segments typically have a number of different competitors. You'll see one named Teranet. That's a privately held company owned by a pension fund here in Canada, but they sort of are the best comparator. But on the registry operations side, in terms of winning new registries in other jurisdictions, we typically compete with infrastructure funds, PE firms, those sorts. On the services side, it can vary by market and geography, but you'll typically see Teranet, Trader, BPSN, to a lesser extent, Dye & Durham on the legal side.
And then on the technology solutions side, some names you'll be familiar with in terms of Accenture, Fujitsu, and Deloitte. But the one thing I think you'll see is there's a common thread that runs through our business, which is registries. There's a touch point on every aspect of registries for all three segments. Typically, underpinned by long-term contracts. Registry operations obviously leads that in terms of contracts that run to twenty fifty-three. In the case of the Saskatchewan Registry Services, contracts tend to be three to five years. Our technology solutions contracts, if there's support and maintenance built into those, they can run from anywhere up to 10 years, like the Nova Scotia contract. But there's good, strong customer stickiness, and we underpin that through exceptional customer service.
That's also a common thread in our businesses, and we believe those aspects of things provide us with advantages and a competitive moat in areas like services, where we're in more of a competitive environment. I'm not gonna go too heavily into the financial information piece, 'cause that's something we can get into, you know, in discussion afterwards if anybody's interested in chatting a bit more about the financials. But just, I've already talked about guidance. Just revenue growth. You can see here from this visual, we've grown the business steadily over the last few years.
You can see between 2015 and 2020, registry operations ticked down, but you'll see our strategy has been in part to diversify our revenue streams, as well as grow them in on a consolidated basis, and you can see that, but the registry business, particularly Saskatchewan registries, what's interesting about that is that it regardless of economic conditions in Saskatchewan, it always ticks along, and you can see that there, so you know, something to consider that, you know, economics fortunes, you know, they ebb and flow, as you know, but the Saskatchewan registries do typically have a baseline of transactions that continue to happen regardless of economic circumstance.
The bottom line, which is also most important, you can see here, Adjusted EBITDA expansion over that same period and typically growing on that basis, with our expectations this year to do between CAD 83 million and CAD 91 million. Yeah, and back to strong free cash flow generation, you can see that here in terms of how we've grown that, and that obviously supports growth and dividends going forward. Just a bit about our second quarter results, and I won't get into this too heavily, but you know, just tackle the dividend per share. We do pay an annual dividend of CAD 0.92 per annum, paid quarterly at CAD 0.23. When we came out the gate at the IPO in 2013, we paid CAD 0.80 per annum, CAD 0.20 a quarter.
In twenty twenty-one, the board did one of its typical annual reviews as far as capital allocation strategy, and noted that we'd, you know, we'd experienced quite a bit of growth, and they'd always made. The commitment was always to grow the dividend as well as the business, but in a balanced way. The board felt that it was time for an increase to the dividend and announced that in, as I recall, September twenty twenty-one. You know, in terms of being able to fund growth, we've got a CAD 240 million, again, all in Canadian dollars, shelf prospectus in place, a CAD 250 million credit facility available through a syndicate led by RBC. We've drawn CAD 163 million down as debt.
We are actively looking to deleverage and get ourselves back down to between two and two and a half times EBITDA over the course of time. But needless to say, a good deployment in our view of our cash and available debt facility in order to secure that contract for the MSA to 2053. So let's get back to growth strategy. So we announced the extension in July of 2023, and at the same time, we knew that we've had ten years of growth. We've doubled the size of the company on a revenue and adjusted EBITDA basis over the first ten years as a publicly traded company. We secured a seminal extension, which really supports continued growth.
So we looked at it and said, "Well, okay, what's next?" And, our goal now, that we announced in March of this year, is to again double the size of the company on a similar basis, based on 2023 results, but in half the time. We're looking to double the size of the company in five years instead of 10, and we're gonna do that through a combination predominantly of organic growth, supplemented by M&A. You know, on the M&A side, we've always been committed to an accretive M&A growth strategy. We'll always continue to pursue opportunities to expand our existing lines of business and further diversify our revenue streams, but in a prudent and meaningful way.
On the organic growth side, we're gonna continue to pursue organic growth in, particularly out of our services segment, supplemented by our technology solutions segment. And we're also developing the next generation of our RegSys proprietary registry technology for the Saskatchewan registries. That was part of the agreement that in the extension that we signed. This will obviously benefit the users here in Saskatchewan, but it's also gonna support our pursuit of new registry opportunities globally once it's completed. On the capital allocation side, when you look back, we've got a really disciplined history of capital allocation and very future-focused on deleveraging, as I said, and maintaining and growing the dividend, as well as investing in growth. We've got a strong track record in M&A, as I said. These are just some of the investments we've made over the years.
I'll just touch on Regulis, which is not necessarily material, but we announced that, the launch of that registry. It's an international registry of rolling stock. We launched that in May, March, sorry, of this year. It's not material at this point. It's a brand-new registry, but it's international, and that's our first foray into the international registry side of things. But all of these businesses have been acquired, predominantly in the services segment, to build that business out, and that's helped drive the growth of that business from 12 million a year to over 100 million a year in revenue since acquiring ESC in 2015. Just a bit about our acquisition strategy. I'll just touch on that quickly.
We have a preference for over CAD 50 million dollar opportunities that are material to us. We also look at smaller opportunities to the extent that they add value to our existing key clients and meet key criteria. We typically have purchased businesses with, you know, in the valuation range of seven to nine times EBITDA. But you know, we're really looking for businesses where we can add value as well as you know, really kind of push that cross-sell opportunity for our existing customer base. Obviously, EBITDA positive and typically, as most companies, we will be looking for accretive businesses and accretive transactions. Just a quick bit about the leadership. You know, just so you understand, I mean, we've got, as I said, a very world-class team here.
Some of these names will be familiar to you in terms of HSBC, IBM, EY, Bayer, Mosaic perhaps, and Viterra on the ag side. But, you know, very much so. Just a bit about the team. Shawn, our CEO, Shawn's been with the company since two thousand and twelve. He joined just before the IPO, and as our CFO. And then, when his predecessor, Jeff Stusek, stepped down in February of two thousand and twenty-two, Shawn stepped into the chair as CEO, and has been driving the growth of the business since then. Bob Antoch, our CFO, he was Shawn's senior director of finance while he was CFO. So, Bob is extremely familiar with the business. Been with us since two thousand and sixteen, so well-versed in the business.
Just a quick mention, our VP of Registry Operations, Todd Antill, he joined us recently. He's following the retirement of his predecessor. He came to us from Nutrien and a number of other businesses, well-known, but has a tech background, so very well-versed in that sense, and you know lots of experience at the table there. On our board of directors, I should make one point. We do have the Government of Saskatchewan retains 31, just under 30% shareholding in the company. But irrespective of whether or not they own shares in the company, they're allowed. They have the right to appoint a minimum of two directors to the board. We have three appointees pro rata to the shareholding at the minute: Joel Teal, Amber Biemans, and Doug Emsley.
But these are all extremely experienced businesspeople. All the other directors are elected, but lots of publicly traded experience, lots of success there. TD, between TD and Ballard Power, a number of other companies, but very, very experienced board. So just in summary, so we've got some time for questions. You know, ISC is really an interesting company, and I'd really encourage everybody to take a look at it, for those who are not familiar. We're really looking to deliver value and significant growth in a similar fashion. We're just looking to do it in half the time that we did it following our IPO in twenty thirteen. We've got a history of operational excellence since that time. You know, we've got industry-leading technologies. We've got highly predictable revenue model with stable free cash flow generation.
As I said, we expect to generate over CAD 1.3 billion of cash flow until 2053 from that Saskatchewan MSA alone. We've got a proven track record of delivering organic and M&A growth, so you know, in terms of the next iteration of our growth story, we're confident we can deliver that doubling in five years on those metrics that I mentioned, and we've been disciplined in our capital allocation throughout that time. That's gonna continue. We're investing in our growth, we're reducing our debt, and ensuring the stable dividend program, but all of this is underpinned by a strong balance sheet. We've got capital available to take advantage of our future growth opportunities, and really well positioned to execute on that.
So with that, thank you so much for listening, and I'd like to pass it over to Brendan to open it up to some Q&A.
Fantastic. Thanks, Jonathan. We can now open the floor for Q&A. I think a great place to start would be with the registry ops business. I'm curious if you could talk about the contract process with that MSA agreement with Saskatchewan. I guess, how did you come to source that contract, and what was the bid process like there?
Sure, that's an excellent question. So, in 2013, when we went public, one thing I didn't mention was ISC was originally formed as a Crown Corporation here in Saskatchewan, so it was a government entity. The government owned 100% of the shares, but it was not part of the overall government structure, the Crown Corporation model here in Canada. So the company grew steadily and, you know, did a really grand job of managing the Saskatchewan land, personal property, and corporate registries.
The government in November of 2012 said, "You know, we're gonna take this company public because we think it can grow beyond Saskatchewan borders, but it can't do that as a Crown." They took the company public, and in July of 2013, and part of taking us public was signing an initial master service agreement with the company and the government for ISC to manage and operate the Saskatchewan land, personal property, and corporate registries on behalf of the government. That's how we started. We didn't necessarily pay for it in your typical fashion, but the government took all the proceeds from the IPO at the time, while maintaining that thirty-odd% in shareholding.
And then, you know, over the course of time, at the ten-year mark, Shawn wasn't long in the chair. And at that time, you know, we felt it was the right time to sort of chat with the government in terms of how we were viewing this. And you know, it's a great piece of business, and at that time, we felt it was an appropriate time, even with ten years left on the contract, to perhaps look at an extension and put a proposal to government to do so, and we're successful in that from that perspective. So there was no process per se other than us...
You know, sitting down with the government of Saskatchewan and finding that we had common ground and common interest in extending the agreement to two thousand and fifty-three, and managed to find an agreed upon value at which to do that.
That's interesting. I think that's, that's really helpful. And just as a follow-up, what, what's the outlook for, you know, acquiring similar agreements with other Canadian provinces?
Mm.
I know there's another competitor out there in the registry business in Canada. I guess, does that competitor have, you know, a larger market share in this business, or how can you kind of-
Um
... think about growing that?
Yeah, so that, that's an excellent question, too. I mean, it, it's winning the, you know, their concessions, really long-term concessions and infrastructure, like, in that nature. Winning those is akin to, you know, we've, we've kind of referenced it and referenced it to being whale or elephant hunting, pick your mammal. But, it, you know, it depends. When we came out the gate, the IPO in two thousand and thirteen, the province of Alberta was rum. There were rumblings about them contemplating a similar, a similar process as what had been just done in Saskatchewan. But, you know, six months later, for the first time in fifty years, they had a change in government, and the government that came into power at the provincial level was not as interested. That was not a priority for them, so that kind of went away.
Prior to us going public, the province of Manitoba had signed an agreement with competitor Teranet for them to manage the land and personal property registries for Manitoba, so we weren't able to participate in that. And we've talked about this publicly, the province of Nova Scotia, I think it was 2014, 2015, they actually put a public process out for folks to, you know, bid to win a concession to run their public registries in land, corporate, personal property, and motor vehicles. And at the start of that process, the premier at the time, you know, had a tremendous mandate as he'd just been elected and had indicated that this was something that he felt we should go forward with.
But that process, you know, conditions changed by the time the process came to award, and it was determined that that was not the right way to go forward for them. But we did learn something from that. We learned a couple things from that. Number one, a lot of the, a lot of these, a lot of these processes come in for two reasons: A, the governments wanna monetize a non-core asset, and two, they also have aging technology that they need to replace, that they don't necessarily want to invest in or have the funds to invest in. And Nova Scotia had that challenge with its corporate registry.
So, even once the full procurement process for the concession had been shelved, subsequently, there was a process to bid to implement new technology to support their corporate registry, which we participated in and won. So we saw that opportunity there. But over the course of time, we've started to think about registries in a more broad fashion than your traditional registries of land, corporate, and personal property here in Canada, which are all typically run at the provincial level. And, you know, in twenty twenty-two, we acquired a company that I meant - I talked about the Ontario Property Tax Assessment services that we provide on behalf of the Government of Ontario. We bought that registry, 'cause if it looks like a registry and smells like a registry, it's a registry. It's just not necessarily traditional.
So we've expanded our thinking in terms of that, and our profile in terms of what we're looking for. So, we're still bullish about the opportunities ahead of us being able to do that. But, you know, in some instances, it's not just about Canada. There are, you know, English-speaking Commonwealth is kind of our target market. And, a number of years ago, Australia looked at concessions for their land registries at the state level across that. But, the cost of those registries was kind of ramped up when infrastructure funds started to look at them as well, and with a cheaper cost to capital, those registries went for quite sizable sums. So in those instances, we'd probably need to look for a financial partner to work in those kind of RFP responses.
But we're still very bullish about the opportunity for the registry market.
Great. Absolutely. I think that's really great insight. I wanna finish on this question. Just kind of looking at your financial targets, I know you mentioned you'd like to double revenue, I think, in five years. What factors would kind of cause a material outperformance or underperformance of those targets, as we look out to the future?
Sure. Excellent question. I mean, you know, there's a couple things. I mean, it's the two targets or benchmarks of metrics that we use are revenue and adjusted EBITDA based on 2023 actuals. So I mean, you know, most of our business is driven by economic conditions. So, needless to say that, we think, you know, what would impact it, potentially loss of customers or something like that. But we... You know, we've spent a lot of time trying to build moats around our businesses and create stickiness with customers by providing them with great customer service. Our performance would be, you know, unexpected economic performance beyond what we've sort of mapped out over the next five years.
But you know, one of the things, you know, I would say, and I hopefully alluded to when we were going through the financial slides, with those charts, is that irrespective of economic performance, registries typically still have a base level of transactions. So you know, even when economic conditions are tough, like they were in Saskatchewan between sort of 2000 and end of 2014, leading up to sort of 2019, you know, we still have levers we can pull to manage that in terms of cost management and things like that, but there's still a base level of economic activity that happens regardless. It's just a question of, you know, anticipating that and managing it.
But we feel comfortable to be able to meet those targets based on the organic growth that we're looking for from our services segment. We see opportunity there, and then, obviously, supplemented by M&A, and we, you know, typically maintain a fairly robust pipeline of opportunities. It's just a question of finding the right one and executing on that at a valuation that makes sense to us.
Great. Well, Jonathan, we'll end there. We really appreciate the time and the overview. I think it's an interesting story. If there's any questions we didn't get to out there, feel free to reach out to ISC directly, or you can reach out to Sidoti. Jonathan, thanks again for your time.
Thank you, Brendan. My pleasure. Really enjoyed it.
Take care, everybody. Bye-bye.