- Companies
- Ryan
Last Ryan valuation
$7B
Undisclosed stage · Jan 2026
Last Ryan funding round
$1.2B
Undisclosed stage · Jan 2026
Cumulative funding Ryan raised
$1.5B
across 3 funding rounds
Key investors in Ryan
About Ryan
Ryan is a Dallas, Texas-based tax services and software firm that helps large companies reduce, recover and manage their taxes. Its practice areas include transaction tax, property tax, income and international tax, credits and incentives, value-added tax, employment tax, severance tax and unclaimed property, delivered as recovery, consulting, compliance outsourcing and advocacy work, alongside the affiliated law firm Ryan Legal Services and Ryan Software. Ryan serves about 18,000 clients in more than 60 countries from over 113 offices, including locations in Canada, the Netherlands, the United Kingdom, India, the Philippines and Australia, and says it recovered more than $4 billion in tax savings for clients in a single year. It earns fees for recovery and consulting work and licence revenue from software; revenue was about $715 million in 2021, with around 3,600 employees. The firm was founded in 1991 by G. Brint Ryan and Chris F. Collis as the CPA firm Collis & Ryan, became Ryan & Company after Collis was bought out in 1993, gave up its CPA licence in 1998 and took the name Ryan LLC in 2007. In October 2018 Onex acquired a 42% interest that valued the company at $1.1 billion, and Ryan has since bought specialist firms such as Economics Partners and VAT Systems.
Founded
1991
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Services
Valuation
$7B (Jan 2026)
Ryan Valuation
Ryan is currently valued at $7B, based on its undisclosed-stage round in January 2026. Read the announcement ↗
The $1.2B round included Neuberger Berman.
Ryan's valuation has grown 6.4x from $1.1B at its undisclosed-stage round in October 2018 to $7B in January 2026, across 3 priced rounds.
Ryan valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jan 2026 | Undisclosed stage | $7B |
| May 2022 | Undisclosed stage | $2.5B |
| Oct 2018 | Undisclosed stage | $1.1B |
Ryan Funding History
Ryan has raised a total of $1.5B across 3 funding rounds.
Ryan's first fundraising round was a $317M undisclosed-stage round in October 2018. The most recent completed round was a $1.2B undisclosed-stage round in January 2026.
Ryan funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2026 | Undisclosed stage | Neuberger Berman | $1.2B | $7B | On 14 January 2026, Ryan, LLC announced that Neuberger Berman Capital Solutions, together with funds managed by Neuberger Berman Private Markets, had committed to acquire a significant minority equity interest in the company. Neuberger is investing up to $1.2 billion in a transaction that values Ryan at approximately $7 billion, and it joins existing shareholders and long-term partners Onex Partners and Ares Private Equity Funds. Founder, chairman and chief executive G. Brint Ryan and the existing leadership team continue to manage all operating activities. Ryan describes itself as the largest firm in the world dedicated exclusively to business taxes, providing federal, state, local and international tax recovery, consulting, advocacy, compliance and technology services from its global headquarters in Plano, Texas. Its more than 7,100 professionals and associates serve over 74,000 clients in more than 80 countries, including many Global 5000 companies. The valuation compares with $1.1 billion when Onex bought a 42% interest in 2018 and $2.5 billion when Ares invested in 2022. |
| May 2022 | Undisclosed stage | Ares Management (lead); Onex | - | $2.5B | On 26 May 2022, Ryan, LLC and Onex Corporation announced that a private equity fund managed by Ares Management had committed to acquire a significant minority equity interest in Ryan, valuing the Dallas-based tax services and software firm at $2.5 billion. The investment was made in partnership with Ryan's management team and existing investor Onex Partners, Onex's flagship private equity platform, which continued to invest in the company. The amount paid by Ares was not disclosed, and the transaction was expected to close later in 2022. The valuation more than doubled the $1.1 billion implied when Onex bought a 42% interest for $317 million in 2018. Ryan, founded by G. Brint Ryan, describes itself as the largest firm dedicated exclusively to business taxes and provides tax recovery, consulting, advocacy, compliance and technology services; at the time it had over 18,000 clients in 60 countries and had closed five acquisitions that year. Ares and Onex were later joined by Neuberger Berman in a 2026 minority investment at a valuation of about $7 billion. |
| Oct 2018 | Undisclosed stage | Onex (lead) | $317M | $1.1B | Ryan LLC is a Dallas-based global tax services and software provider. On October 17, 2018, Onex Corporation announced it acquired a 42% interest in Ryan for $317 million, valuing the company at $1.1 billion. This investment was made through Onex Partners IV, with Onex contributing $86 million of equity as a limited partner. The deal positions Onex as an ideal partner for Ryan, given its track record in growing companies and supporting management teams. Ryan's founder, Chairman, and CEO G. Brint Ryan highlighted recent business expansions, including new service lines and growth in premium clients, with plans to continue this momentum using Onex's backing to enhance client value. Following the investment, Ryan pursued growth through acquisitions, such as buying VAT Systems shortly after and Economics Partners LLC, a Denver-based provider of transfer pricing advisory, controversy, and business valuation services. BofA Merrill Lynch advised Onex financially, with Fried Frank as legal counsel, while Baker McKenzie advised Ryan. Onex, a Toronto-based firm, manages significant assets and had recently raised its $7.15 billion Onex Partners V fund. |
Who has invested in Ryan?
3 investors have backed Ryan across its funding rounds, including Onex, Ares Management and Neuberger Berman.
Lead investors include Ares Management and Onex.
Ryan Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Oct 2018 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Ryan
Ryan has acquired 30 companies to date.
Last acquisition by Ryan was on October 5th 2026. Ryan acquired Comtax for undisclosed valuation.
Latest Acquisitions by Ryan
| Description | Comtax is a Brazilian digital tax consultancy and software provider based in Sao Paulo and founded in 2018. The company works on tax determination, the automatic calculation of taxes integrated with major ERP systems and adapted to each operation. Its services include DigitalTax consulting, which maps, diagnoses and implements digital fiscal strategies, as well as digital auditing to identify inconsistencies in filings. Comtax also supports management of electronic tax documents such as NF-e and CT-e and the upkeep of fiscal calendars. Its customers are large companies facing complex Brazilian tax obligations, and it describes itself as a major reference in tax determination projects in the country. Revenue comes mainly from consulting and implementation projects. | Svalner Atlas is an independent tax services and software provider. | Hucke & Associates handles property tax appeals for real estate owners to achieve fair taxation. | WYM Rating is the rating division of WYM Real Estate, providing specialized assessments for real estate investments and properties to support informed decision-making in the sector. | |
| HQ Country | - | ||||
| HQ City | São Paulo | Stockholm | New York City, NY | - | |
| Deal Date | 5 Oct 2026 | 31 May 2026 | 3 Mar 2026 | 5 Feb 2026 | |
| Valuation | undisclosed | $400M | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Ryan acquisitions and their M&A valuation multiples. Start Free Trial | |||||
Investments by Ryan
Ryan has invested in 1 company to date.
Latest investment by Ryan was on April 2nd 2025. Ryan invested in Incentify in their $10M Series A round.
Latest Investments by Ryan
| Description | Incentify is a platform for discovering, applying, and managing tax credits and incentives related to employment, capital investment, and R&D. The software offers workflows and reporting for government-funded programs, serving businesses in economic development initiatives. | Incentify is a platform for discovering, applying, and managing tax credits and incentives related to employment, capital investment, and R&D. The software offers workflows and reporting for government-funded programs, serving businesses in economic development initiatives. |
| HQ Country | ||
| HQ City | Los Angeles, CA | Los Angeles, CA |
| Deal Date | 2 Apr 2025 | 15 Sep 2020 |
| Round | Series A | Strategic investment |
| Raised | $10M | $4M |
| Investors | Gary Gilbert; Innovent Capital Group | - |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Ryan investments and their VC round multiples. Start Free Trial | ||
Ryan Competitors
Ryan competitors include listed companies like Andersen Group, H&R Block, DKSH Holding and Sweco, and private ones like CREED and Aledade.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $839M | ($121M) | $1.2B | 2.3x | ||
| Private | - | - | $6.4B | - | ||
| Publicly listed | $3.9B | $1.1B | $6.3B | 1.9x | ||
| Publicly listed | $13B | $530M | $6.1B | 0.5x | ||
| Publicly listed | $3.2B | $473M | $5.2B | 1.7x | ||
| Private | $475M | - | $3.5B | 7.4x |
Ryan Public Comps
Ryan is still privately-owned, but its public comps include H&R Block, DKSH Holding, Sweco, FTI Consulting, Serco Group, Booz Allen, Maximus, Alten, Huron Consulting Group and BayCurrent.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $3.9B | $1.1B | 1.9x | 1.9x | 7.0x | 6.9x | |||
| $13B | $530M | 0.5x | 0.5x | 12.2x | 10.9x | |||
| $3.2B | $473M | 1.8x | 1.7x | 12.4x | 12.7x | |||
| $3.8B | $435M | 1.6x | 1.5x | 13.7x | 13.3x | |||
| $6.5B | $624M | 0.7x | 0.7x | 7.5x | 8.0x | |||
| $11B | $1.2B | 1.3x | 1.3x | 12.1x | 11.9x | |||
| $5.4B | $663M | 0.9x | 1.0x | 7.6x | 6.7x | |||
| $4.6B | $334M | 0.7x | 0.7x | 9.9x | 6.6x | |||
This data is available for Pro users. Sign up to see all Ryan competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Ryan
| When was Ryan founded? | Ryan was founded in 1991. |
| Where is Ryan headquartered? | Ryan is headquartered in Plano, TX, United States. |
| Is Ryan publicly listed? | No, Ryan is a private, VC-backed company. |
| What is Ryan's valuation? | Ryan was last valued at $7B in its undisclosed-stage round in January 2026. |
| How much funding has Ryan raised? | Ryan has raised $1.5B across 3 funding rounds. |
| What was Ryan's last funding round? | Ryan's last funding round was a $1.2B undisclosed-stage round in January 2026. |
| Who are Ryan's investors? | Ryan's investors include Onex, Neuberger Berman and Ares Management. |
| Which companies are comparable to Ryan? | Companies comparable to Ryan include Andersen Group, CREED, H&R Block, DKSH Holding, Sweco and Aledade. |
| How many companies has Ryan acquired? | Ryan has acquired 30 companies, including Comtax, Svalner Atlas, Hucke & Associates, WYM Rating and WYM Real Estate. |
| What was the largest acquisition by Ryan? | The $518M acquisition of Altus Group (property tax services unit) in July 2024 is the largest acquisition Ryan has made to date. |
| How many companies has Ryan invested in? | Ryan has invested in 1 company, including Incentify. |
| What was Ryan's last investment? | In April 2025, Ryan invested in Incentify's $10M Series A alongside Gary Gilbert and Innovent Capital Group. |
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