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. The transaction is expected to close on 12 November, 2021.
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. 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.”
Founded in 2013, Reonomy is a US CRE data and analytics provider leveraging artificial intelligence and machine learning technologies to empower real estate industry professionals with data-driven insights and solutions to gain comprehensive market knowledge, discover opportunities, and automate workflows.
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 US. 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, 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. 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.”
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. The Reonomy team has done an exceptional job leveraging AI machine learning to solve key data management challenges in the CRE industry and unveil hidden data relationships. Integrating Reonomy’s data and technical capabilities with our recently acquired StratoDem Analytics platform for predictive analytics will enable us to deliver analytics at scale, and when integrated together with our foundational ARGUS software solutions, will be transformative for the CRE industry. Our clients will be able to gain deep insights on their CRE assets in a way that’s never been done before.”