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Real estate software specialist Altus Group has inked a deal to acquire Reonomy for about $201.5M in cash. The deal closed on Friday.
Since its founding eight years ago, commercial real estate data company Reonomy has grown prodigiously. Reonomy has raised about $128M in a series of fundraising rounds, including from such investors as Bain Capital Ventures, Sapphire Ventures and SoftBank.
Reonomy's platform includes data collected from a wide range of public and proprietary data sources that aggregates information on commercial properties nationwide. The resulting dataset covers over 52 million tax parcels and over 38 million commercial properties, according to Altus.
“The combination of Reonomy’s AI-powered data platform with Altus’ suite of software, data and analytics capabilities creates a very compelling client offering," Altus Group CEO Mike Gordon said in a statement, adding that Reonomy's capabilities will also enhance Toronto-based Altus' AI predictive data analytics.
The deal is the latest in ongoing linkages within the commercial real estate data industry. Trepp and CompStak formed a partnership under which Trepp clients would be able to view CompStak’s market and submarket leasing metrics nationwide, and mutual clients of Trepp and CompStak can access CompStak’s property and space data.
The alliance of those companies came shortly after CRE data behemoth CoStar Group acquired Ten-X for $190M, ramping up CoStar's presence in the distressed real estate sector.
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