The purchase — one of many for Texas-based Ryan — will open up additional European and North American markets pending regulatory approval.The deal is worth $700 million in Canadian currency on top of a Canadian $5-million-per-year commitment to an Altus Market Insights subscription for three years, andThe purchase opens a number of new markets for Ryan, including property tax services in the United Kingdom as well as broader access to American and Canadian companies.
Ryan said that Altus Group’s property tax business netted $263 million in Canadian cash in revenue in 2023 and acquiring the company will create 975 more jobs across the globe. This adds substantial financial mettle to Ryan, which already employs more than 4,800 people and works with more than 30,000 clients in more than 80 countries.
“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,” wrote Jim Hannon, Chief Executive Officer of Altus Group., which are made between employers and employees to stop workers from starting similar businesses or moving to competitors in the future.