Tribe Property Technologies Inc has announced the completion of its acquisition of a portfolio of strata property management assets from Martello Property Services Inc.
The acquisition, which was initially announced on July 12, 2022, further strengthens Tribe's property management services across the Greater Vancouver region of British Columbia.
"This latest acquisition is a continuation of Tribe's strategy to identify great accretive assets that expand our footprint and support efficiencies through the digitization of this traditional space," said Joseph Nakhla, CEO of Tribe in a statement.
READ: Tribe Property Technologies to acquire strata property management assets from Martello Property Services
"We would like to welcome these clients into the Tribe family and look forward to bringing our tech-enabled service delivery model to support the management of these homes," he added.
Notable aspects of the acquisition are the expansion of Tribe's management of strata communities, adding over 1,500 additional units to its portfolio, and the addition of two employees.
To acquire this portfolio, Tribe has agreed to pay Martello up to $720,000, payable as follows: $475,000 payable at closing; $75,000 payable on the date that is 13 months after the closing date; and up to $170,000 payable upon the future delivery of property management contracts related to buildings that are currently under development.
No finders' fees were payable by Tribe in connection with this acquisition.
Tribe is a property technology company that is disrupting the traditional property management industry. As a rapidly growing tech-forward property management company, Tribe's integrated service-technology delivery model serves the needs of a much wider variety of stakeholders than traditional service providers.
The company seeks to acquire highly accretive targets in the fragmented North American property management industry and transform these businesses through streamlining and digitization of operations. Tribe's platform decreases customer acquisition costs, increases retention, and allows for the addition of value-added products and services through the platform.
Contact the author at jon.hopkins@proactiveinvestors.com