|By Marketwired .||
|July 23, 2014 07:00 AM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 07/23/14 -- Altus Group Limited ("Altus Group" or "the Company") (TSX:AIF) announced today that it has acquired RealNet Canada Inc. ("RealNet"), a leading, privately owned Canadian real estate information services company.
"We are very excited about the acquisition of RealNet and having George Carras, a prominent industry leader, join our management team. We have a long working history with RealNet and believe that the formal integration of our substantial assets will benefit all of our clients and each of our business units," said Bob Courteau, CEO of Altus Group. "The acquisition broadens Altus Group's Canadian full-service offering, enhances its data and market research revenue stream and furthers the Company's strategy of building out its data solutions."
Founded in 1995, RealNet provides information services to both the commercial real estate investment and residential development sectors in Canada and serves over 45,000 industry professionals powering the decisions of firms involved in approximately 70% of market activity. RealNet offers a comprehensive suite of services including independent property market research and real time interactive analytics tools.
RealNet's team of approximately 40 professionals, including its founder and President, George Carras, will join Altus Group's well-established Research, Valuation and Advisory ("RVA") group in Canada. This strategic acquisition broadens RVA's market data and research offerings, particularly that of Altus InSite, which is considered the Canadian commercial real estate industry's primary provider of national office and industrial market data and perspective. Through this acquisition, Altus InSite's national information on inventory, vacancy and new supply will be complemented by RealNet's sales data. The addition of RealNet's residential information, and Mr. Carras' position as a leading market commentator, also complements and strengthens Altus Group's existing multi-family and condominium subscription products.
"As a trusted source for independent property market information in Canada, RealNet has achieved a leading position in the market," said Mr. Carras, President of RealNet. "Becoming part of Altus Group's full service platform will allow us to create more value for clients. Most importantly, Altus Group shares our values and commitment to building a better real estate market by enhancing transparency, improving market information flow and offering independent insights."
The acquisition is expected to be immediately accretive to adjusted EPS (earnings per share).
GMP Securities LP acted as the exclusive financial advisor to RealNet on the transaction.
The Company will host a conference call and webcast today (July 23, 2014) at 8:30 am EST to discuss the acquisition and provide additional financial disclosure.
Conference Call and Webcast Details:
Date: Wednesday, July 23, 2014 Time: 8:30 a.m. ET Webcast: http://www.altusgroup.com/ (under Investor Relations) Live Call: 1-866-223-7781 (toll-free) or 416-340-2216 (GTA & International) Replay: 1-800-408-3053 or 905-694-9451 (passcode: 6455053)
About Altus Group Limited
Altus Group is a leading provider of independent commercial real estate consulting and advisory services, software and data solutions. We operate five interrelated Business Units, bringing together years of experience and a broad range of expertise into one comprehensive platform: Research, Valuation and Advisory; ARGUS Software; Property Tax Consulting; Cost Consulting and Project Management and Geomatics. Our suite of services and software enables clients to analyze, gain insight and recognize value on their real estate investments.
Altus Group has approximately 1,900 employees in multiple offices around the world, including Canada, the United States, the United Kingdom, Australia and Asia Pacific. Altus Group's clients include financial institutions, private and public investment funds, insurance companies, accounting firms, public real estate organizations, real estate investment trusts, healthcare institutions, industrial companies, foreign and domestic private investors, real estate developers, governmental institutions and firms in the oil and gas sector.
For more information on Altus Group, please visit: www.altusgroup.com.
Certain information in this press release may constitute "forward-looking information" within the meaning of applicable securities legislation. All information contained in this press release, other than statements of current and historical fact, is forward-looking information. Forward-looking information includes information that relates to, among other things, Altus Group's objectives, strategies and intentions, and future financial and operating performance and prospects and its expectations as to the acquisition of RealNet. Generally, forward-looking information can be identified by use of words such as "may", "will", "expect", "believe", "plan", "would", "could" and other similar terminology. All of the forward-looking information in this press release is qualified by this cautionary statement.
Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by Altus Group at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results, performance or achievements, industry results or events to be materially different from those expressed or implied by the forward-looking information. The material factors or assumptions that were identified and were applied by Altus Group in drawing conclusions or making forecasts or projections set out in the forward-looking information include, but are not limited to: the successful execution of Altus Group's business strategies (including the success of its initiatives and the acquisition of RealNet); consistent and stable economic conditions or conditions in the financial markets; consistent and stable legislation in the various countries in which Altus Group operates; no disruptive changes in the technology environment; the opportunity to acquire accretive businesses; the successful integration of Altus Group's businesses; and the continued availability of qualified professionals.
Inherent in the forward-looking information are known and unknown risks, uncertainties and other factors that could cause Altus Group's actual results, performance or achievements, or industry results, to differ materially from any results, performance or achievements expressed or implied by such forward-looking information. Those risks, uncertainties and other factors that could cause actual results to differ materially from the forward-looking information include, but are not limited to: general state of the economy; competition in the industry; ability to attract and retain professionals; commercial real estate market; integration of acquisitions; oil and gas sector; Canadian multi-residential market; customer concentration; currency risk; interest rate risk; reliance on larger software transactions with longer and less predictable sales cycles; success of new product introductions; ability to respond to technological change and develop products on a timely basis; ability to maintain profitability and manage growth; revenue and cash flow volatility; credit risk; protection of intellectual property or defending against claims of intellectual property rights of others; weather; fixed-price and contingency engagements; operating risks; performance of obligations/maintenance of client satisfaction; appraisal mandates; information technology governance and security; legislative and regulatory changes; risk of future legal proceedings; insurance limits; income tax matters; ability to meet solvency requirements to pay dividends; leverage and restrictive covenants; unpredictability and volatility of common share price; capital investment; and issuance of additional common shares diluting existing shareholders' interests, as well as those described in Altus Group's publicly filed documents, including the Annual Information Form (which are available on SEDAR at www.sedar.com).
Given these risks, uncertainties and other factors, investors should not place undue reliance on forward-looking information as a prediction of actual results. The forward-looking information reflects management's current expectations and beliefs regarding future events and operating performance and is based on information currently available to management. Although Altus Group has attempted to identify important factors that could cause actual results to differ materially from the forward-looking information contained herein, there are other factors that could cause results not to be as anticipated, estimated or intended. The forward-looking information contained herein is current as of the date of this press release and, except as required under applicable law, Altus Group does not undertake to update or revise it to reflect new events or circumstances. Additionally, Altus Group undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Altus Group, its financial or operating results, or its securities.
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