- Tribe has rebranded its recently acquired subsidiary, DMSI Holdings, consolidating its service divisions under the name “DMS”.
- With the successful acquisition of DMS, Tribe is now the second largest multi-family rental management company in Canada, encompassing over 19,000 units and 22 million square feet, while expanding its comprehensive service offerings in property management across Canada[1]. This is in addition to more than 40,000 units managed by Tribe’s Strata and Condo teams nationally.
August 22, 2024, Vancouver, British Columbia – Tribe Property Technologies Inc. (TSXV: TRBE) (OTCQB: TRPTF) (“Tribe” or the “Company”), a leading provider of technology-elevated property management solutions, is pleased to provide an update on the acquisition and rebranding of its recently acquired subsidiary, DMSI Holdings Ltd. (“DMSI”). Tribe is proud to announce that it has rebranded and unified all of DMSI’s various service divisions under the name DMS. To strengthen its presence across Canada, Tribe has also begun the expansion of DMS’s service offerings to Tribe’s current customer base of Strata and Condo Corporations, Investor-Owners and Property Developers, expanding its comprehensive service offerings across Canada. With the recent acquisition of DMS, Tribe is now the second largest multi-family rental management company in Canada, encompassing over 19,000 units and 22 million square feet, in addition to more than 40,000 strata and condo units managed nationally.
Joseph Nakhla, CEO of Tribe, commented, “We are pleased with the progress of our recently acquired subsidiary, DMSI Holdings, and its rebrand and service expansion under the unified DMS brand. This rebranding marks a significant milestone in our growth strategy, allowing us to provide a unified service offering across Canada while continuing to build upon our position as a leader in property management. Tribe’s collective services now include strata and condo management, multi-family property and REIT rental management, student housing, commercial property management, single-unit and rental portfolio management, and project management services for complex capital projects.”
As part of this transformation, DMS has begun rolling out its refreshed logo and branding across all company assets and will continue to serve both private and public sector clients with its comprehensive property management services, which include multi-residential, retail, industrial, office, and land management. This brand consolidation and service expansion effort aligns with Tribe’s strategic vision to enhance and expand its service offerings nationwide, while maintaining the operational integrity and leadership that clients have come to trust from DMS.
Rob Watt, COO of DMS, commented, “As a key part of the Tribe team, we have now consolidated our business under the DMS brand, and all of our service divisions will be represented by our refreshed DMS logo. We are pleased that the DMS brand will continue to build from strength under the Tribe umbrella, and we look forward to growing our presence across Canada.”
In addition to the rebranding, DMS is also expanding its Project Management service offering to all property management clients under the Tribe umbrella, this would include rental and condo projects across Tribes’ national footprint, opening new markets for DMS. The DMS Project Management team develops and delivers long term capital plans for clients, identifying major repair or replacement projects necessary to maintain asset integrity, mitigate liability, and ensure life, health, and safety. The service will be an add-on offering to Tribe’s current and future clients, managing projects ranging from new boilers to full-building window replacements.
Scott Ullrich, EVP Management Services at Tribe, commented, “Expanding this service across Canada allows us to better support complex capital projects for our clients, while our property management teams focus on the operational work they excel at. Although they function as separate business units, their proximity allows for seamless collaboration to meet our clients’ needs.”
In 2023, in British Columbia alone, there was approximately $2 billion worth of capital projects undertaken by Strata Corporations, not including rental or commercial projects[2].
[1] Source: Canadian Apartment https://archives.reminetwork.com/canadian-apartment-may-june-2024/68749136
[2] Source: OctoAI Technologies Corp.
Tribe Property Technologies Inc.
“Joseph Nakhla”
Chief Executive Officer
1606 – 1166 Alberni Street, Vancouver, British Columbia, V6E 3Z3
1-888-773-8381
For more information, please contact:
Jennifer Laidlaw
Media Relations
604.398.4161 ext.7703
Pardeep Sangha
Investor Relations
Email: ir@tribetech.com
About Tribe Property Technologies
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. Tribe 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. Visit tribetech.com for more information.
NOT FOR DISTRIBUTION IN THE U.S. OR TO U.S. NEWSWIRE SERVICES.
Cautionary Statement on Forward-Looking Information
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements which constitute forward-looking statements or information under applicable Canadian securities laws, including statements relating to the expected financial results and the Company’s goals and strategy. Such forward-looking statements are subject to numerous known and unknown risks, uncertainties, and other factors, some of which are beyond the Company’s control, which could cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. These risks and uncertainties include changes to applicable laws or the regulatory sphere in which the Company operates, general economic and capital markets conditions, and stock market volatility. Although the Company believes that the forward-looking statements in this news release are reasonable, they are based on factors and assumptions, based on currently available information, concerning future events, which may prove to be inaccurate. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to plans, operations, results, levels of activity or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the forward-looking statements, whether because of new information, future events or otherwise.