Altus acquires Reonomy
Summary
Altus Group Limited, a provider of software, data solutions and independent advisory services to the global commercial real estate (CRE) is to acquire Scryer, Inc (dba Reonomy), an AI-powered data platform for the CRE industry, for USD201.5 million (approximately CAD249.5 million) subject to adjustments. Mike Gordon, Chief Executive Officer of Altus Group, says: “The combination of Reonomy’s AI-powered data platform with Altus’ suite of software, data and analytics capabilities creates a very compelling client offering that will enable our clients to better manage performance and risk within their CRE portfolios with data-driven insights, predictive analytics and alert capabilities. Richard Sarkis, Executive Chairman and Co-Founder of Reonomy, says: “I co-founded Reonomy with a very direct mission to solve a pressing pain-point in the CRE industry - to connect data and bring greater transparency to the CRE market at a time when credible information on this significant asset class was still scarce. Altus Group shares in our mission and has played a pivotal role in advancing the transformation of the CRE industry. Leveraging Altus’ unique position in the CRE value chain with our data and analytics capabilities is exceptionally powerful and I’m confident that together we will create considerable value for our industry and combined stakeholders.” Jorge Blanco, Chief Product Officer of Altus Group, adds: “Together, we will be able to provide leading-edge insights and analytics in a new and innovative manner.
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