Demonstrates Union Square Advisors’ expanded track record in providing comprehensive advisory services to leading real estate technology companies
On November 12, 2021, Union Square Advisors announced it served as the exclusive financial advisor to Scryer, Inc. (dba Reonomy) (“Reonomy”), a fast growing, AI-powered data platform for the CRE industry, in its sale to Altus Group Limited (TSX: AIF) (the “Company” or “Altus”), a leading provider of software, data solutions and independent advisory services to the global commercial real estate (“CRE”) industry, for US$201.5 million (approximately C$249.5 million), (on a cash-free/debt-free basis) subject to adjustments. The transaction, originally announced on November 11, 2021, has closed effective today.
Mike Gordon, Chief Executive Officer of Altus Group said:
“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. It significantly accelerates our transformative innovation in AI predictive data analytics by better positioning us technologically, with data science and analytics expertise, and with a robust dataset to add analytics into workflows that not only look back at what happened and why, but look forward to machine learning informing us on what might happen next.”
Reonomy’s AI-powered data platform connects disparate property information by leveraging vast data sources, including multiple public and proprietary data feeds, together with AI machine learning to aggregate market intelligence on commercial properties across the U.S., including assessor, census, transaction, geospatial, ownership and occupant data. Using AI machine learning and proprietary entity resolution capabilities, Reonomy then links all the data sources for every commercial asset with a single unique identifier (Reonomy ID). The resulting dataset is an industry-leading collection of insights across more than 52 million tax parcels and over 38 million commercial properties, accounting for nearly all of the commercial inventory in the U.S. Reonomy’s team of approximately 115 professionals will be integrated with the Company’s Altus Analytics business.
Richard Sarkis, Executive Chairman and Co-Founder of Reonomy said:
“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. We are very excited about the opportunities that joining Altus Group will bring and how it paves the way for continued innovation. 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.”
“Union Square Advisors was pleased to partner with the Reonomy team on a terrific outcome,” said Carter McClelland, Chairman at Union Square Advisors. “Today’s announcement demonstrates our firm’s success in representing attractive fast growing software businesses in sought-after verticals.”
Read the full press release here.
Reonomy is the leading provider of CRE insights, empowering top brokerages, financial institutions, and commercial services providers with actionable data and solutions. Armed with Reonomy’s enterprise-grade products, CRE professionals and organizations gain comprehensive market understanding, discover opportunities, and streamline research processes.
About Altus Group Limited
Altus Group Limited is a leading provider of software, data solutions and independent advisory services to the global commercial real estate industry. Our businesses, Altus Analytics and Altus Commercial Real Estate Consulting, reflect decades of experience, a range of expertise, and technology-enabled capabilities. Our solutions empower clients to analyze, gain insight and recognize value on their real estate investments. Headquartered in Canada, we have approximately 2,600 employees around the world, with operations in North America, Europe and Asia Pacific. Our clients include many of the world’s largest commercial real estate industry participants. Altus Group pays a quarterly dividend of $0.15 per share and our shares are traded on the Toronto Stock Exchange under the symbol AIF. For more information on Altus Group, please visit: www.altusgroup.com.
About Union Square Advisors
Union Square Advisors is a leading technology-focused investment bank that offers strategic mergers & acquisitions advice and execution, agented private capital financing, and debt capital markets advisory services. Founded in 2007, with offices in San Francisco and New York, Union Square Advisors works with leading public and private technology companies, private equity, venture capital, and family offices. Our expertise spans many aspects of the technology landscape, including Enterprise Software and Infrastructure, FinTech, Healthcare IT, Internet+Digital Media, eCommerce, Consumer Software and other key segments. Since inception, Union Square Advisors has advised on over 145 strategic transactions, valued in excess of $115B. For more information, please visit http://www.usadvisors.com.