Tribe Property Technologies Inc posted its financial results for the third quarter ended September 30, revealing a revenue surge driven by both organic growth and acquisitions.
The property management company reported revenue of more than $4.5 million in the quarter, up 11% year over year. Year-to-date revenue increased 10.3% to more than $13 million compared to 2021.
"Tribe again achieved strong revenue in the third quarter on a per-home basis as we continue to digitize our acquired customers and roll-out our Tribe Home platform to more communities," CEO Joseph Nakhla said in a statement.
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During the quarter, Tribe began the integration of Southview Property Management Inc, a company it acquired at the end of June. The company also recently completed the acquisition of a condominium management portfolio from a privately held property management firm based in Vancouver.
"I am proud that Tribe has experienced 10.9% year-over-year quarterly revenue growth, while making progress across our M&A activities, digital partnerships and organic growth,” Nakhla said.
On the personnel side, Tribe found a new chief operating officer in Drew Keddy.
"During Q3, we announced the appointment of Drew Keddy into the new role of Chief Operating Officer, with a focus on organic growth opportunities, operational efficiencies, and accelerating the Company's acquisition strategies,” Nakhla said. "We also ramped up for the Q4 launch of Tribe Home – Market, our curated digital marketplace for homeowners and residents, to further improve residents' living experiences while saving them money through group-buying power and producing additional revenue for Tribe. "
Additionally, during the quarter Tribe was recognized by the 2022 Deloitte Technology Fast 50 and Fast 500 awards programs, the company said.
Tribe is a property technology company that is digitizing the traditional property management industry. Its integrated service-technology delivery model serves the needs of a much wider variety of stakeholders than traditional service providers. Tribe's business is composed of three revenue pillars: software and services (recurring licensing and management fees), transactional (rent or condo fees, banking services, lease-ups), and digital services and partnerships (smart building products, financial and insurance services).
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