DALLAS AND MISSISSAUGA (July 9, 2024) - Ryan, a leading global tax services and software provider, announced today it has entered into a definitive agreement to acquire the Property Tax business of Altus Group Limited for CAD $700 million in cash, which includes its property tax services and software offerings in Canada, the United Kingdom, and the United States. Ryan has also committed to enter into an Altus Market Insights subscription agreement upon closing of the transaction 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,” said G. Brint Ryan, Chairman and CEO of Ryan. “Our dedication to providing exceptional client service is unwavering as we continue to strive to provide best-in-class offerings and services to all of our 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. We look forward to welcoming the many talented Altus team members to the Ryan family.”
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,” said Jim Hannon, Chief Executive Officer of Altus Group. “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.”
The transaction is subject to customary regulatory approvals and other closing conditions.
RBC Capital Markets, LLC served as M&A advisor, and Kirkland & Ellis LLP, Goodmans LLP, and Arnold & Porter Kaye Scholer served as legal counsel to Ryan, LLC.
About Ryan
Ryan, an award-winning global tax services and software provider, is the largest Firm in the world dedicated exclusively to business taxes. With global headquarters in Plano, Texas, the Firm provides an integrated suite of federal, state, local, and international tax services on a multijurisdictional basis, including tax recovery, consulting, advocacy, compliance, and technology services. Ryan is an 11-time recipient of the International Service Excellence Award from the Customer Service Institute of America (CSIA) for its commitment to world-class client service. Empowered by the dynamic myRyan work environment, which is widely recognized as the most innovative in the tax services industry, Ryan’s multidisciplinary team of more than 5,900 professionals and associates serves over 77,000 clients in more than 80 countries, including many of the world’s most prominent Global 5000 companies. More information about Ryan can be found at ryan.com.
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