Dallas-based Ryan acquires Altus Group’s real estate tax services business for more than $500 million
Ryan CEO G. Brint Ryan said the acquisition of Altus’ services in the U.S., Canada and Europe provides local expertise “powered by industry-leading technology,” including “robust” data analytics, PropTech software solutions and “Reonomy” real estate intelligence.
Ryan Chairman and CEO G. Brint Ryan [Photo: UNT]
Dallas-based global tax services and software provider Ryan has agreed to acquire the real estate tax business of Canada-based Altus Group Limited for C$700 million in cash. Approximately $513 million in this transaction This includes providing Altus property tax services and software in Canada, the UK and the US.
Ryan said the company has also committed to a subscription agreement for Altus Market Insights for C$5 million per year for three years following the closing of the transaction.
“This acquisition will benefit both Altus’ property tax clients and Ryan’s global customers with local expertise enhanced by industry-leading technology,” G. Brint Ryan, Ryan’s chairman and CEO, said in a statement.
He added that Ryan will continue its “unwavering dedication to providing excellent customer service and best-in-class products to all stakeholders.”
“Altus has built an incredible real estate tax business that is well-respected as a trusted advisor in the industry, and I am confident that clients will see many enhanced benefits from our combined platform,” said Ryan. “I look forward to welcoming the many talented Altus team members to the Ryan family.”
The transaction will add approximately 1,000 employees to Ryan’s team worldwide
Altus Group’s property tax business is expected to generate revenue of C$263 million in full-year 2023 and add approximately 975 team members globally. The acquisition will enable Ryan to establish its property tax services in the U.K., expand its footprint in Europe, and provide more expertise and capabilities across Canada and the U.S. The transaction also provides Altus Group’s clients with access to Ryan’s value-added tax services across more than 50 global tax areas.
“This transaction enables Altus Group to focus on the significant growth opportunities in our core analytics business while ensuring our real estate tax clients continue to be well-served by Ryan’s exceptional capabilities,” Altus Group CEO Jim Hannon said in a statement. “We believe Ryan is a great strategic fit for our real estate tax business and are confident that our clients will benefit from the expanded tax services that Ryan will provide.”
Ryan noted that the transaction is subject to customary regulatory approvals and other closing conditions.
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