Dallas-Based Ryan To Acquire Altus Group’s Property Tax Services Business for Over $500M
The acquisition of Altus offerings in the U.S., Canada, and Europe will provide local expertise “powered by industry-leading technologies,” said Ryan CEO G. Brint Ryan—including “robust” data analytics, PropTech software solutions, and “Reonomy” property intelligence.
Ryan Chairman and CEO G. Brint Ryan [Photo: UNT]
Dallas-based global tax services and software provider Ryan has agreed to acquire the property tax business of Canada-based Altus Group Limited for CAD $700 million in cash, which is roughly $513 million U.S.The deal includes Altus’ property tax services and software offerings in Canada, the United Kingdom, and the United States.
Ryan said it also committed to enter into an Altus Market Insights subscription agreement upon the transaction’s closing for CAD $5 million per year for a period of three years.
“This acquisition will provide benefits for both Altus’s property tax clients and Ryan’s global clients from bolstered local expertise powered by industry-leading technologies,” G. Brint Ryan, chairman and CEO of Ryan, said in a statement.
He added that Ryan would continue its “unwavering dedication to providing excellent client service and best-in-class offerings to all stakeholders.”
“Altus has built an impressive property tax business that is highly regarded as a trusted advisor in the industry, and we believe our clients will enjoy many enhanced benefits from our combined platform,” Ryan said. “We look forward to welcoming the many talented Altus team members to the Ryan family.”
Deal adds nearly 1,000 employees worldwide to Ryan’s team
Altus Group’s Property Tax business generated revenues of CAD $263 million in full year 2023 and is expected to add approximately 975 team members worldwide. The acquisition will allow Ryan to expand its scale in its European operations through the establishment of UK property tax services, while providing more expertise and capabilities throughout Canada and the United States. The transaction will also afford Altus Group’s clients access to Ryan’s value-added tax services across more than 50 global tax disciplines.
“This transaction allows Altus Group to focus on the substantial growth opportunities in our core Analytics business while ensuring our property tax clients will continue to be well serviced by Ryan’s leading capabilities,” Altus Group CEO Jim Hannon said in a statement. “We believe Ryan is the best strategic fit for our Property Tax business, and we’re confident our clients will benefit from the expanded tax service offerings Ryan can provide them.”
Ryan noted that the deal is subject to customary regulatory approvals and other closing conditions.
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