Dallas-based Ryan & Co., which describes itself as the world’s largest corporate tax services and software company, said Tuesday it is acquiring the property tax division of Altus Group Ltd., a Canadian commercial real estate services and software company.
The agreement, which is valued at $700 million Canadian ($500 million U.S.), is in addition to an annual commitment of $5 million Canadian for a three-year subscription to Altus Market Insights, and is expected to become effective in early 2025, pending regulatory approval.
The acquisition will see Ryan open up several new markets, including property tax services in the UK and broader access to businesses in the US and Canada, and will also give Altus Group clients access to Ryan’s services.
“This acquisition will enable both Altus’ property tax clients and Ryan’s global clients to benefit from local expertise enhanced by industry-leading technology,” Ryan Chairman and CEO G. Brint Ryan said in a statement. “Altus has built an impressive property tax business that is well-respected in the industry as a trusted advisor, and we are confident that clients will see many enhanced benefits from the combined platform. We look forward to welcoming Altus’s many talented team members to the Ryan family.”
Altus Group’s property tax business is the latest acquisition in a long string of mergers for Ryan, which spans a variety of sectors from severance taxes and commercial real estate to tax credits, excise taxes and, of course, property taxes.
Ryan said Altus Group’s property tax business will generate revenue of C$263 million in 2023 (C$193 million in U.S. dollars) and that the acquisition will create 975 jobs worldwide. Ryan already employs more than 4,800 people and serves more than 30,000 customers in more than 80 countries, adding significant financial strength to the company, which was valued at $2.5 billion in 2022.
For Altus Group, the sale will allow it to cut costs and reduce debt, “focus resources on higher growth analytics” and improve “revenue predictability” and “revenue quality.”
“This transaction enables Altus Group to focus on the significant growth opportunities in its core analytics business while ensuring that our property tax clients continue to be well-served by Ryan’s exceptional skills,” said Jim Hannon, chief executive officer of Altus Group.
Aside from acquisitions, Ryan made headlines earlier this year when it was one of the first companies to sue over a Federal Trade Commission ruling that found employee-employer non-compete clauses illegal. Non-compete clauses are intended to prevent employees from starting a similar business or moving to a competitor in the future. Ryan said that these agreements, which affect about one in five Americans, protect intellectual property and that striking them down would give the government unfair power over the decisions of private companies.
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