Altus Group Limited Completes Acquisition of ARGUS Software
01 Juni 2011 - 7:36PM
Marketwired
Altus Group Limited ("Altus") (TSX: AIF) announced today that it
has completed the previously announced merger of Realm Solutions,
Inc. ("Realm"), owner of ARGUS Software ("ARGUS"), with a
subsidiary of Altus for aggregate consideration of US$130 million.
By combining ARGUS' market-leading real estate software products
with its own proprietary data stores, Altus will create a powerful
new platform that will offer clients value-added commercial real
estate data and analytics.
"This acquisition signals an enormous step forward for Altus."
said Gary Yeoman, Chief Executive Officer of Altus. "In addition to
offering immediate value and deeper penetration into the United
States and overseas, this acquisition is fundamental to Altus'
future growth by allowing us to offer clients new tools, more in
depth insight and an even broader scope of services."
The acquisition of ARGUS generates a number of tangible benefits
for Altus, including:
-- It is accretive to adjusted earnings and cash flow by providing Altus
with ownership of a global brand leader in real estate software
solutions, over 4,600 new clients, and access to new sources of
recurring revenue;
-- It further extends Altus' reach into the U.S. and overseas markets; and,
-- It helps accelerate Altus' evolution into a global market leader in the
provisioning of value-added commercial real estate data and analytics
solutions including benchmarking, indices and risk analysis.
"ARGUS is excited to move forward as part of the Altus team and
we're enthusiastic about what can be achieved by working together,"
said Mark Kingston, who continues with ARGUS as President, ARGUS
Software and assumes the role of Chief Knowledge Officer of Altus.
"Our unique combination of data, analytics and industry
intelligence will mean new and more intuitive tools that will
deliver a higher standard of information facilitating better
decision making ability for our clients."
About ARGUS
For over 25 years, ARGUS has been the leading global provider of
software and solutions for analysis and management of commercial
real estate investments. ARGUS products are the industry standard
and provide a complete solution for managing and growing a
commercial real estate portfolio. More than 4,600 of the real
estate industry's leading owners, managers, financial institutions,
brokerages and REITs, in 45 countries and on five continents use
ARGUS solutions to improve the visibility and flow of information
throughout their critical business processes. These solutions
include asset management, asset valuation, portfolio management,
budgeting, forecasting, reporting and lease management. As the
leading provider of real estate solutions, ARGUS has unique insight
into the needs and wants of its customers and works hard at
providing up to date and relevant solutions to its clients.
About Altus Group Limited
Altus is the leading multidisciplinary provider of independent
real estate consulting and professional advisory services
worldwide. With a staff of over 1,800, Altus has a network of over
65 offices in 14 countries worldwide, including Canada, UK,
Australia, Asia and the United States. Altus operates four
interrelated Business Units, bringing years of expertise together
into one comprehensive platform: Research, Valuation and Advisory;
Cost Consulting and Project Management; Realty Tax Consulting and
Geomatics services. Altus' clients include banks, financial
institutions, governments, pension funds, asset and fund managers,
developers and landlords and companies engaged in the oil and gas
industry.
Forward Looking Statements
Certain statements contained herein may constitute
"forward-looking" statements, which involve known and unknown
risks, uncertainties and other factors, which may cause the actual
results, performance or achievements of Altus and its subsidiary
entities, to be materially different from any future results,
performance or achievements expressed or implied by such forward
looking statements. This press release has statements using words
such as "may", "will", "expect", "believe", "plan", "would",
"could" and other similar terminology. These statements are not
guarantees of future performance and are subject to numerous risks
and uncertainties which could cause actual results to differ
materially from the forward-looking statements, including those
described in Altus' publicly filed documents, including the Annual
Information Form (which are available on SEDAR at www.sedar.com).
Those risks and uncertainties include: general state of the
economy; dependence on oil and gas sector; competition in the
industry; ability to attract and retain professionals; interest
rate risk; currency risk; credit risk; ability to maintain
profitability and manage growth; revenue and cash flow volatility;
dependence on Canadian multi-residential market; integration of
acquisitions; protection of intellectual property; weather;
fixed-price and contingency engagements; performance of obligations
/ maintenance of client satisfaction; appraisal mandates; customer
concentration; operating risks; risk of future legal proceedings;
legislative and regulatory changes; insurance limits; income tax
matters; fluctuation of cash dividends; unpredictability and
volatility of common share price; capital investment; dilution of
existing shareholder interests; leverage and restrictive covenants;
and, investment eligibility. Given these risks and uncertainties,
investors should not place undue reliance on forward-looking
statements as a prediction of actual results. These statements
reflect management's current expectations regarding future events
and operating performance and speak only as of the date of this
press release. Although the forward-looking statements contained in
this press release are based upon what management believes to be
reasonable assumptions, Altus cannot assure investors that actual
results will be consistent with these forward-looking statements.
These forward-looking statements are made as of the date of this
press release and, except in accordance with applicable law, Altus
assumes no obligations to update or revise them to reflect new
events or circumstances. Additionally, Altus undertakes no
obligation to comment on analyses, expectations or statements made
by third parties in respect of Altus, its financial or operating
results, or its securities.
Contacts: Altus Group Limited Sayla Nordin VP, Investor
Relations and Communications (416) 557-0939 www.altusgroup.com
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