Tax services and software provider Ryan has agreed to acquire the property tax business of Altus Group, a provider of asset and fund intelligence for commercial real estate, in a deal worth C$700m ($513.4m).

The transaction will include Altus Group’s property tax services as well as software offerings in Canada, the UK, and the US.

Following the completion of the deal, Ryan will also sign an Altus Market Insights subscription agreement for C$5m ($3.67m) per year. This will be for a period of three years.

Through the acquisition, Ryan aims to expand its scale in the company’s European operations through the establishment of UK property tax services. The firm also intends to deliver more expertise and capabilities across Canada and the US.

Besides, the transaction will provide Altus Group’s clients with access to Ryan’s value-added tax services spanning over 50 global tax disciplines.

Altus Group CEO Jim Hannon said: “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.

“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.”

Altus Group’s property tax business generated revenues of C$263m ($193m) in full year 2023. The business is expected to add around 975 team members across the globe.

Headquartered in Dallas, Texas, Ryan offers an integrated portfolio of federal, state, local, and international tax services on a multijurisdictional basis, including tax recovery, compliance, consulting, advocacy, and technology services.

Ryan chairman and CEO Brint Ryan said: “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.

“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.

The deal is subject to customary regulatory approvals and other conditions.

For the transaction, RBC Capital Markets served as mergers and acquisition (M&A) adviser to Ryan. Kirkland & Ellis, Goodmans and Arnold & Porter Kaye Scholer acted as legal counsel to the company.