Altus Group
{{Short description|Canadian provider of software for commercial property}}
{{For|the concrete company partnership|AltusGroup}}
{{Infobox company
| name = Altus Group Limited
| logo = Altus_Group_logo.svg
| type = Public
| traded_as = {{tsx|AIF}}
S&P/TSX Composite Component
| industry = Real Estate Services and Software
| founded = {{start date and age|2005}}
| founder = Gary Yeoman
| hq_location_city = Toronto, Ontario
| hq_location_country = Canada
| key_people = Jim Hannon (CEO)
| revenue = C$735 million (FY 2022)
| net_income =
| assets =
| equity =
| num_employees = 2,800
| website = {{URL|https://www.altusgroup.com}}
}}
Altus Group Limited, headquartered in Toronto, Canada, provides software, data, and consulting services for owners and operators of commercial property. Its Altus Analytics segment provides software sold under the Argus brand as well as appraisal and data programs. The CRE Consulting segment provides services for valuation and cost advisory.{{Cite news | url=https://www.theglobeandmail.com/business/industry-news/article-three-toronto-high-rise-condo-projects-started-by-cresford/ | title=Three Toronto high-rise condo projects started by Cresford Developments in receivership | first=Shane | last=Dingman | work=The Globe and Mail | date=April 1, 2020 | url-access=subscription}}
The company originally focused on consulting services before expanding into software.{{Cite news |url=https://www.theglobeandmail.com/report-on-business/economy/growth/canadian-firm-drags-worlds-real-estate-players-into-the-future/article30010828/ | title=Canadian firm drags world's real estate players into the future | first=SUSAN | last=SMITH | work=The Globe and Mail | date=June 1, 2016 | url-access=subscription}}
History
=2005–2011: Inception under Gary Yeoman=
In May 2005, Altus Group became a public company via an initial public offering, raising $75 million. This coincided with the merger of three Canadian commercial real estate consultancies, one of which was led by its first CEO, Gary Yeoman.
Altus initially listed on the Toronto Stock Exchange as an income trust and converted into a corporation when the Canadian federal government implemented new taxes on trust distributions in 2011.
In 2006, Altus Group expanded into the land surveying industry in Western Canada which formed its Geomatics business segment.
In its first five years, the company expanded through acquisitions.{{Cite news | url=https://www.theglobeandmail.com/report-on-business/altus-experiences-expansion-through-recession/article573820/ | title=Altus experiences expansion through recession | first=Steve | last=Ladurantaye | work=The Globe and Mail |date=July 12, 2010 | url-access=subscription}}
In September 2007, the company expanded its property tax practice into the UK market with the acquisition of Edwin Hill for £26.5 million.{{Cite news | url=https://www.thestar.com/business/altus-group-to-acquire-british-company/article_8b39a562-6443-5bca-b0d4-395203a91589.html | title=Altus Group to acquire British company | work=Toronto Star | date=September 11, 2007 | url-access=subscription}}{{Cite news | url=https://www.estatesgazette.co.uk/news/canadian-group-snaps-up-edwin-hill-for-26-5m/ | title=Canadian group snaps up Edwin Hill for £26.5m | first=Julia | last=Cahill | work=Estates Gazette | date=October 3, 2007 | url-access=subscription}}
In August 2009, The company expanded its cost consulting practice to the Asia Pacific region through the acquisition of Page Kirkland.{{Cite news | url=https://www.afr.com/property/canadian-group-buys-page-kirkland-consultancy-20090804-jn53y | title=Canadian group buys Page Kirkland consultancy | first=Lisa | last=Carapiet | work=Australian Financial Review | date=August 4, 2009}}
In August 2010, it acquired the real estate appraisal business of PwC.{{Cite news | url=https://www.propertyweek.com/news/altus-buys-pwc-us-real-estate-arm | title=Altus buys PWC US real estate arm | work=Property Week | date=August 20, 2010}}
The company acquired Brazos Tax in 2010.{{Cite news |title=Altus experiences expansion through recession | url=https://www.theglobeandmail.com/report-on-business/altus-experiences-expansion-through-recession/article573820/ | first=Steve | last=Ladurantaye | work=The Globe and Mail | date=July 12, 2010 | url-access=subscription}}
In 2011, it entered the software market with the acquisition of Argus Software for $130 million.{{Cite news | url=https://www.reuters.com/article/us-realm-altus-idUSTRE73B3LH20110412 | title=Altus to buy Argus Software for $130 million | first=Aftab | last=Ahmed | editor-first=Joyjeet | editor-last=Das | work=Reuters | date=April 12, 2011}}
=2011–2020: Expansion into software and data under Robert Courteau=
In November 2011, Gary Yeoman resigned as CEO and in 2012.{{Cite news | url=https://www.theglobeandmail.com/report-on-business/streetwise/ceo-of-altus-group-gone-amid-debt-worries/article619302/ | title=CEO of Altus Group gone amid debt worries | first=Tim | last=Kiladze | work=The Globe and Mail | date=November 17, 2011 | url-access=subscription}}{{Cite news | url=https://www.propertyweek.com/news/more-pain-at-altus-edwin-hill | title=More pain at Altus Edwin Hill | work=Property Week | date=November 25, 2011}} In September 2012, Robert Courteau, previously president of SAP North America, became CEO.{{Cite press release | url=https://finance.yahoo.com/news/altus-group-limited-names-robert-121744506.html | title=Altus Group Limited Names Robert Courteau as New Chief Executive Officer | publisher=Marketwired | via=Yahoo Finance | date=September 11, 2012}}
In July 2013 acquired Complex Property Advisors.{{Cite press release | url=https://finance.yahoo.com/news/altus-group-acquires-healthcare-tax-151407032.html | title=Altus Group Acquires a Healthcare Tax Consulting Business in the United States | publisher=Marketwired | via=Yahoo Finance | date=July 2, 2013}}
In November 2014, it acquired SC&H Group’s State & Local Tax Practice.{{Cite news | url=https://www.bizjournals.com/baltimore/news/2014/11/21/sc-h-selling-state-and-local-tax-practice-to.html | title=SC&H selling state and local tax practice to Canadian company for $38M | first=Rick | last=Seltzer | work=American City Business Journals | date=November 21, 2014 | url-access=subscription}}
In 2014, the company acquired Voyanta, a provider of real estate data management and analytics software, for $7.4 million.{{Cite press release | url=https://www.prnewswire.com/news-releases/altus-group-makes-strategic-investment-in-voyanta-limited-247046851.html | title=Altus Group Makes Strategic Investment in Voyanta Limited | publisher=PR Newswire | date=February 25, 2014}}{{Cite press release | title=Altus Group Strengthens Data Analytics Capabilities Through Acquisition of Voyanta | url=https://finance.yahoo.com/news/altus-group-strengthens-data-analytics-113000991.html | publisher=Marketwired | via=Yahoo Finance | date=October 20, 2014}}{{Cite news | url=https://www.bisnow.com/toronto/news/tech/Why-Altus-Just-Acquired-Another-Data-Firm-39865 | title=Why Altus Just Acquired Another Data Firm | work=Bisnow Media | date=October 23, 2014 | url-access=registration}}
In December 2015, the company acquired Integrated Real Estate Resources, which provides software implementation to the commercial real estate industry.{{Cite press release | url=https://www.globenewswire.com/news-release/2015/12/01/1092248/0/en/Altus-Group-Enhances-ARGUS-Software-Through-Acquisition-of-Integrated-Real-Estate-Resources.html | title=Altus Group Enhances ARGUS Software Through Acquisition of Integrated Real Estate Resources | publisher=GlobeNewswire | date=December 1, 2015}}
In 2017, the company acquired CVS Business Rates for £36.3 million.{{Cite news | url=https://www.estatesgazette.co.uk/news/altus-buys-cvs-for-36-3m-to-create-ratings-powerhouse/ | title=Altus buys CVS for £36.3m to create ratings "powerhouse" | first=Louisa | last=Clarence-Smith | work=Estates Gazette | date=November 2, 2017 | url-access=subscription}}
In January 2018, it acquired New Market Real Estate.{{Cite news | url=https://www.reuters.com/article/business/altus-group-acquires-new-market-real-estate-group-idUSASB0C0JE/ | title=Altus Group Acquires New Market Real Estate Group | work=Reuters | date=January 10, 2018}}
In February 2018, it acquired Aspect Property Consultants.{{Cite news | url=https://www.estatesgazette.co.uk/news/altus-expands-uk-footprint-with-consultancy-acquisition/ | title=Altus expands UK footprint with latest acquisition | first=Amber | last=Rolt | work=Estates Gazette | date=16 February 2018 | url-access=subscription}}
In July 2018, it acquired Taliance, a provider of modelling and forecasting tools for CRE investors.{{Cite press release | url=https://www.globenewswire.com/news-release/2018/07/03/1532746/0/en/Altus-Group-Tackles-Complexity-of-Global-Investment-Management-with-Acquisition-of-Taliance.html | title=Altus Group Tackles Complexity of Global Investment Management with Acquisition of Taliance | publisher=GlobeNewswire | date=July 3, 2018}}
In April 2019, it launched a cloud-supported version of its Argus Enterprise product.{{Cite press release | url=https://www.globenewswire.com/news-release/2019/04/30/1812589/0/en/Altus-Group-Announces-New-Cloud-Technologies-to-Unlock-Data-and-Boost-Decision-Making-for-the-Commercial-Real-Estate-Industry.html | title=Altus Group Announces New Cloud Technologies to Unlock Data and Boost Decision-Making for the Commercial Real Estate Industry | publisher=GlobeNewswire | date=April 30, 2019}}
=2020–present: Software as a service strategy under Mike Gordon & Jim Hannon=
In June 2020, the Geomatics business was merged with that of WSP Global to form Geoverra.{{Cite press release | url=https://www.globenewswire.com/news-release/2020/06/29/2054616/0/en/WSP-Altus-Group-announce-the-launch-of-GeoVerra-a-leading-geomatics-firm-in-Western-Canada-and-Ontario.html | title=WSP & Altus Group announce the launch of GeoVerra, a leading geomatics firm in Western Canada and Ontario | publisher=GlobeNewswire | date=June 29, 2020}}
In September 2020, Courteau retired and was succeeded as CEO by Mike Gordon, previously CEO of Callcredit Information Group, a U.K.-based provider of consumer data for businesses.{{Cite news | url=https://www.propertyweek.com/news/altus-group-ceo-to-retire | title=Altus Group CEO to retire | first=Anviksha | last=Patel | work=Property Week | date=September 17, 2020}}{{Cite press release | url=https://www.globenewswire.com/news-release/2020/09/15/2094160/0/en/Altus-Group-Announces-CEO-Transition.html | title=Altus Group Announces CEO Transition | publisher=GlobeNewswire | date=September 15, 2020}}
In April 2021, it acquired Finance Active, a provider of debt management software.{{Cite press release |title=Altus Group Completes Acquisition of Finance Active | url=https://www.globenewswire.com/news-release/2021/04/01/2203473/0/en/Altus-Group-Completes-Acquisition-of-Finance-Active.html |publisher=Globe Newswire | date=April 1, 2021}}
In May 2021, it acquired Stratodem for $24.4 million.{{Cite news | url=https://www.marketscreener.com/quote/stock/ALTUS-GROUP-LIMITED-1408957/news/Altus-Group-Limited-acquired-StratoDem-Analytics-for-24-4-million-33405423/ | title=Altus Group Limited acquired StratoDem Analytics for $24.4 million. | work=MarketScreener | date=May 5, 2021}}
In November 2021, it acquired Reonomy for $249.5 million.{{cite news | url=https://therealdeal.com/national/2021/11/12/software-giant-altus-acquires-real-estate-data-firm-reonomy-for-200m/ | title=Altus Acquires Real Estate Data Firm Reonomy for $200M | last=Cavanaugh | first=Suzannah | work=The Real Deal | date=November 12, 2021 | url-access=limited}}{{Cite press release | url=https://www.globenewswire.com/news-release/2021/11/11/2332988/0/en/Altus-Strengthens-CRE-Data-and-Analytics-Capabilities-Through-Acquisition-of-Reonomy.html | title=Altus Strengthens CRE Data and Analytics Capabilities | publisher=GlobeNewswire | date=November 11, 2021}}{{Cite news | url=https://www.wsgr.com/en/insights/firm-advises-altus-on-dollar2015-million-acquisition-of-reonomy.html | title=Firm Advises Altus on $201.5 Million Acquisition of Reonomy | work=Wilson Sonsini Goodrich & Rosati | date=November 12, 2021}}
Jim Hannon, previously president of Altus Analytics, succeeded Mike Gordon as CEO on April 1, 2022.{{Cite press release | url=https://www.globenewswire.com/news-release/2022/02/03/2378966/0/en/Altus-Announces-Leadership-Transition-Plan-Preliminary-Financial-Results-Normal-Course-Issuer-Bid.html | title=Altus Announces Leadership Transition Plan | publisher=Globe Newswire | date=February 3, 2022}}
In May 2022, the company acquired Rethink Solutions, the developer of the itamlink property tax management software.{{Cite press release | url=https://www.globenewswire.com/news-release/2022/05/04/2436149/0/en/Altus-Acquires-Leading-Property-Tax-Management-Software-itamlink.html | title=Altus Acquires Leading Property Tax Management Software | publisher=Globe Newswire | date=May 4, 2022}}{{Cite news | url=https://www.millerthomson.com/en/deals-cases/altus-acquires-rethink-solutions-developer-of-leading-property-tax-management-software-itamlink/ | title=Altus acquires Rethink Solutions, developer of leading property tax management software itamlink | work=Miller Thomson | date=May 4, 2022}}
In 2024, the company proposed acquiring the commercial real estate valuation services business of Situs, but the acquisition was terminated after failing to get regulatory approval.{{Cite press release | url=https://www.globenewswire.com/news-release/2024/05/17/2884504/0/en/altus-group-terminates-proposed-acquisition-of-situs-group-s-commercial-real-estate-valuation-services-business.html | title=Altus Group Terminates Proposed Acquisition of Situs Group’s Commercial Real Estate Valuation Services Business | publisher=GlobeNewswire | date=May 17, 2024}}
In January 2025, Ryan LLC acquired the company's real estate tax services business for C$700 million.{{Cite press release | url=https://ryan.com/about-ryan/press-room/2025/altus-groups-property-tax-services-business-acquisition/ | title=Ryan Completes Acquisition of Altus Group’s Property Tax Services Business | publisher=Ryan LLC | date=January 2, 2017}}
References
{{Reflist}}
Category:2005 establishments in Ontario
Category:Canadian companies established in 2005
Category:Companies based in Toronto
Category:Companies listed on the Toronto Stock Exchange
Category:Consulting firms of Canada
Category:Financial software companies
Category:Real estate companies of Canada