Tribe Property Technologies Inc. (TSX-V:TRBE) has said its revenue in the second quarter ended June 30, 2022, rose by 9% from the corresponding quarter of last year to $4,332,820, driven primarily by organic growth and smaller tuck-in acquisitions.
The company, a leading provider of technology-enabled property management solutions, added that year-to-date revenue increased by 10% compared to the first half of 2021.
"Tribe again achieved strong revenue in the second quarter on a per-home basis, as we continue to digitize our acquired customers and roll out our Tribe Home platform to more communities," Joseph Nakhla, CEO of Tribe, said in a statement.
READ: Tribe Property Technologies completes acquisition of a portfolio of strata property management assets from Martello Property Services
"I am proud that Tribe has experienced 9% year-over-year quarterly revenue growth, while making progress across our M&A activities, digital partnerships and organic growth," he added.
Tribe said it continues to be active on M&A Strategy:
- On June 30, 2022, Tribe completed the acquisition of Southview Property Management Inc., a privately held property management firm based in Richmond, British Columbia;
- On July 31, 2022, Tribe completed the acquisition of a strata/condo management portfolio from a privately held property management firm based in Vancouver, British Columbia.
Additionally, two new partners were added to Tribe's digital partnership program, namely Wyse Meter Solutions, a Canadian leader in smart submetering, ESG (environmental, social, governance) reporting, electric vehicle-charging, and utility expense management solutions; and WeDoLaundry; a revolutionary, eco-friendly valet laundry services in British Columbia and Ontario.
"Our digital approach to the traditional property management industry continues to be embraced by strata/condo and rental communities alike with a very healthy organic lead pipeline," highlighted Nakhla. "We have built a healthy funnel of potential acquisition targets and we are pleased with our integration process and speed. Our recent acquisition of Southview Property Management Inc. and the acquisition of additional strata contracts after quarter-end further increases our presence across Greater Vancouver."
"We are also very pleased with the quality and speed of the rollout of our Digital Partnership program within our communities to further improve residents' living experiences while saving them money through group-buying power, and producing additional revenue for the company."
The company continues to invest in building out its technology platforms and people to prepare for anticipated organic and acquired growth.