Altus Group

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For the concrete company partnership, see AltusGroup.
Altus Group Limited
Company typePublic
TSX: AIF
S&P/TSX Composite Component
IndustryReal Estate Services and Software
Founded2005; 20 years ago (2005)
FounderGary Yeoman
Headquarters
Toronto, Ontario
,
Canada
Key people
Jim Hannon (CEO)
RevenueC$735 million (FY 2022)
Number of employees
2,800
Websitewww.altusgroup.com
Footnotes / references
[1]

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.[2][1]

The company originally focused on consulting services before expanding into software.[3]

History

[edit]

2005–2011: Inception under Gary Yeoman

[edit]

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.[4]

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.[5]

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.[5]

In September 2007, the company expanded its property tax practice into the UK market with the acquisition of Edwin Hill for £26.5 million.[6][7]

In August 2009, The company expanded its cost consulting practice to the Asia Pacific region through the acquisition of Page Kirkland.[8]

In August 2010, it acquired the real estate appraisal business of PwC.[9]

The company acquired Brazos Tax in 2010.[10]

In 2011, it entered the software market with the acquisition of Argus Software for $130 million.[11]

2011–2020: Expansion into software and data under Robert Courteau

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In November 2011, Gary Yeoman resigned as CEO and in 2012.[4][12] In September 2012, Robert Courteau, previously president of SAP North America, became CEO.[13]

In July 2013 acquired Complex Property Advisors.[14]

In November 2014, it acquired SC&H Group’s State & Local Tax Practice.[15]

In 2014, the company acquired Voyanta, a provider of real estate data management and analytics software, for $7.4 million.[16][17][18]

In December 2015, the company acquired Integrated Real Estate Resources, which provides software implementation to the commercial real estate industry.[19]

In 2017, the company acquired CVS Business Rates for £36.3 million.[20]

In January 2018, it acquired New Market Real Estate.[21]

In February 2018, it acquired Aspect Property Consultants.[22]

In July 2018, it acquired Taliance, a provider of modelling and forecasting tools for CRE investors.[23]

In April 2019, it launched a cloud-supported version of its Argus Enterprise product.[24]

2020–present: Software as a service strategy under Mike Gordon & Jim Hannon

[edit]

In June 2020, the Geomatics business was merged with that of WSP Global to form Geoverra.[25]

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.[26][27]

In April 2021, it acquired Finance Active, a provider of debt management software.[28]

In May 2021, it acquired Stratodem for $24.4 million.[29]

In November 2021, it acquired Reonomy for $249.5 million.[30][31][32]

Jim Hannon, previously president of Altus Analytics, succeeded Mike Gordon as CEO on April 1, 2022.[33]

In May 2022, the company acquired Rethink Solutions, the developer of the itamlink property tax management software.[34][35]

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.[36]

In January 2025, Ryan LLC acquired the company's real estate tax services business for C$700 million.[37]

References

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  1. ^ a b "Altus Group Limited Annual Information Form For the Year Ended December 31, 2023" (PDF). March 28, 2024.
  2. ^ Dingman, Shane (April 1, 2020). "Three Toronto high-rise condo projects started by Cresford Developments in receivership". The Globe and Mail.
  3. ^ SMITH, SUSAN (June 1, 2016). "Canadian firm drags world's real estate players into the future". The Globe and Mail.
  4. ^ a b Kiladze, Tim (November 17, 2011). "CEO of Altus Group gone amid debt worries". The Globe and Mail.
  5. ^ a b Ladurantaye, Steve (July 12, 2010). "Altus experiences expansion through recession". The Globe and Mail.
  6. ^ "Altus Group to acquire British company". Toronto Star. September 11, 2007.
  7. ^ Cahill, Julia (October 3, 2007). "Canadian group snaps up Edwin Hill for £26.5m". Estates Gazette.
  8. ^ Carapiet, Lisa (August 4, 2009). "Canadian group buys Page Kirkland consultancy". Australian Financial Review.
  9. ^ "Altus buys PWC US real estate arm". Property Week. August 20, 2010.
  10. ^ Ladurantaye, Steve (July 12, 2010). "Altus experiences expansion through recession". The Globe and Mail.
  11. ^ Ahmed, Aftab (April 12, 2011). Das, Joyjeet (ed.). "Altus to buy Argus Software for $130 million". Reuters.
  12. ^ "More pain at Altus Edwin Hill". Property Week. November 25, 2011.
  13. ^ "Altus Group Limited Names Robert Courteau as New Chief Executive Officer" (Press release). Marketwired. September 11, 2012 – via Yahoo Finance.
  14. ^ "Altus Group Acquires a Healthcare Tax Consulting Business in the United States" (Press release). Marketwired. July 2, 2013 – via Yahoo Finance.
  15. ^ Seltzer, Rick (November 21, 2014). "SC&H selling state and local tax practice to Canadian company for $38M". American City Business Journals.
  16. ^ "Altus Group Makes Strategic Investment in Voyanta Limited" (Press release). PR Newswire. February 25, 2014.
  17. ^ "Altus Group Strengthens Data Analytics Capabilities Through Acquisition of Voyanta" (Press release). Marketwired. October 20, 2014 – via Yahoo Finance.
  18. ^ "Why Altus Just Acquired Another Data Firm". Bisnow Media. October 23, 2014.
  19. ^ "Altus Group Enhances ARGUS Software Through Acquisition of Integrated Real Estate Resources" (Press release). GlobeNewswire. December 1, 2015.
  20. ^ Clarence-Smith, Louisa (November 2, 2017). "Altus buys CVS for £36.3m to create ratings "powerhouse"". Estates Gazette.
  21. ^ "Altus Group Acquires New Market Real Estate Group". Reuters. January 10, 2018.
  22. ^ Rolt, Amber (16 February 2018). "Altus expands UK footprint with latest acquisition". Estates Gazette.
  23. ^ "Altus Group Tackles Complexity of Global Investment Management with Acquisition of Taliance" (Press release). GlobeNewswire. July 3, 2018.
  24. ^ "Altus Group Announces New Cloud Technologies to Unlock Data and Boost Decision-Making for the Commercial Real Estate Industry" (Press release). GlobeNewswire. April 30, 2019.
  25. ^ "WSP & Altus Group announce the launch of GeoVerra, a leading geomatics firm in Western Canada and Ontario" (Press release). GlobeNewswire. June 29, 2020.
  26. ^ Patel, Anviksha (September 17, 2020). "Altus Group CEO to retire". Property Week.
  27. ^ "Altus Group Announces CEO Transition" (Press release). GlobeNewswire. September 15, 2020.
  28. ^ "Altus Group Completes Acquisition of Finance Active" (Press release). Globe Newswire. April 1, 2021.
  29. ^ "Altus Group Limited acquired StratoDem Analytics for $24.4 million". MarketScreener. May 5, 2021.
  30. ^ Cavanaugh, Suzannah (November 12, 2021). "Altus Acquires Real Estate Data Firm Reonomy for $200M". The Real Deal.
  31. ^ "Altus Strengthens CRE Data and Analytics Capabilities" (Press release). GlobeNewswire. November 11, 2021.
  32. ^ "Firm Advises Altus on $201.5 Million Acquisition of Reonomy". Wilson Sonsini Goodrich & Rosati. November 12, 2021.
  33. ^ "Altus Announces Leadership Transition Plan" (Press release). Globe Newswire. February 3, 2022.
  34. ^ "Altus Acquires Leading Property Tax Management Software" (Press release). Globe Newswire. May 4, 2022.
  35. ^ "Altus acquires Rethink Solutions, developer of leading property tax management software itamlink". Miller Thomson. May 4, 2022.
  36. ^ "Altus Group Terminates Proposed Acquisition of Situs Group's Commercial Real Estate Valuation Services Business" (Press release). GlobeNewswire. May 17, 2024.
  37. ^ "Ryan Completes Acquisition of Altus Group's Property Tax Services Business" (Press release). Ryan LLC. January 2, 2017.