Tribe Hires New CFO, Secures Capital Amid Record Revenue
Source: Techcouver
Last year, Vancouver’s Tribe Property Technologies raised $18 million after going public on the TSX Venture Exchange in 2021.
Tribe, a provider of technology-enabled property management solutions, this month bolstered its capital chest through a $15 million loan from the Technology and Innovation Banking arm of a Canadian Schedule A Bank, according to an official statement from the BC-based firm.
The loan announcement comes after record quarterly revenue was reported for Tribe in August as well as the acquisition of Toronto’s Meritus Group Management.
“I am very pleased with the second quarter results and the recently announced acquisition of Meritus Group Management in the Greater Toronto Area,” stated Tribe CEO Joseph Nakhla. “This is Tribe’s twelfth acquisition—expanding our footprint in Ontario is a significant milestone for the company.”
Tribe seeks to acquire accretive targets in the North American property management industry and transform these businesses through streamlining and digitization of operations.
Nakhla says that Tribe’s new financing facility “is an essential piece of our M&A growth strategy as it provides us with access to non-dilutive capital which will be beneficial to our long-term capital structure, as well as aid in accelerating our growth plans.”
The loan “further strengthens our commitment to strategic growth and financial stability,” he said.
Moving forward, Tribe is “fully dedicated to improving profitability by reducing costs and optimizing efficiencies within our operations,” according to chief executive Nakhla. “We remain excited about the company’s growth prospects.”
For example, “we implemented additional cost reduction strategies which included employing process improvements, cost optimizations, headcount reduction, and consolidation of back-office systems,” he said in August.
Another move was the recent hiring of Angelo Bartolini as chief financial officer.
Responsible for finance, accounting, audit, tax, and capital planning functions, Bartolini assumes the role from Jim Defer, who is pursuing other opportunities according to Nakhla.
Bartolini is an executive leader with 12 years of experience in a public company setting where recently he led as the CFO of Altus Group and carries experience from senior financial roles with the Canadian division of The Home Depot as well as with Canadian Tire Corporation.
“We are thrilled to welcome Angelo to Tribe’s executive team as the new CFO,” Nakhla said this month. “Angelo has an exceptional track record and his experience in the Property Technology space makes him a perfect addition to our team—his domain expertise in the property technology sector will greatly enhance our company.”
Bartolini stated that he is “very excited” to join Tribe.
“I was drawn by Tribe’s unique and innovative approach to the property management industry and its addressable market size,” the new CFO said, “and see this as a great opportunity to help launch Tribe to the next level.”
Not immune to broader market downturns, shares in Tribe have slipped 45% over the past year.