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.

Get on the list.
Dallas Innovates, every day.

R E A D N E X T

Dallas-based global tax services and software provider Ryan has acquired Morrison & Head, a property tax consulting firm serving clients across Texas with offices in Austin and Houston. No financial details of the transaction were released. “Morrison & Head is a well-established firm with a strong reputation in the property tax space in Texas,” Ryan Chairman and CEO G. Brint Ryan said in a statement. “The addition of Morrison & Head further expands Ryan’s market presence and adds a talented group of property tax professionals to our industry-leading team. We look forward to offering our new clients a full suite…
Jason Keever has been appointed president of Ryan’s tax.com division, the Dallas-based global tax services and software provider announced. He comes to Ryan with more than 15 years of experience driving revenue at several private equity-backed, high-growth software-as-a-service companies, Ryan said. “Jason’s addition to the team and experience as a SaaS growth expert is integral to our vision of continual innovation and evolution of our tax.com platform,” Ryan Chairman and CEO G. Brint Ryan said in a statement. “His record of transforming businesses into cloud enterprise leaders highlights his ability to drive growth effectively, and we look forward to what…
Chitranjan Sharma brings more than a decade of extensive experience in building technology and data platforms in capital markets, implementing innovative products, and promoting a data-driven culture.
On Tuesday, the Federal Trade Commission issued a final rule “protecting the fundamental freedom of workers to change jobs” by banning non-compete employment agreements nationwide. Ryan—calling non-competes “an important tool for firms to protect their IP and foster innovation”—filed a challenge to the rule in the U.S. District Court for the Northern District of Texas.
Dallas-based tax experts have tips for both corporations and startups.

Source link