Tribe Property Technologies Inc has reported record second-quarter 2021 revenue of nearly C$4 million, a 244% year-over-year increase, driven primarily by the company’s acquisition of Gateway Property Management.
Tribe also saw its gross profit for the quarter climb 274% to almost C$2 million, while its gross profit margin improved to 49.9% from 45.9% during the same period last year.
“As COVID-19 restrictions begin to loosen in many jurisdictions, we are beginning to see increased activity in our organic business development programs, as well as an uptick in our strategic marketplace offerings,” Tribe Property Technologies CEO Joseph Nakhla said in a statement.
READ: Tribe Property Technologies says subsidiary has merged with Gateway Property Management
“Our team has built a healthy funnel of potential acquisition targets and we continue to progress discussions with potential targets,” Nakhla added.
As well, the company noted it has invested in an internal acquisitions team and has built the tools to complete further ‘tuck-in’ and larger acquisitions.
Tribe added it has also scaled its product and IT teams to quickly roll out the company’s technology solutions into the properties it currently manages and anticipates managing.
Tribe Property Technologies 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 Sean at sean@proactiveinvestors.com