03:13 PM EDT, 05/27/2024 (MT Newswires) -- Tribe Property Technologies Inc. ( TRPTF ) , a provider of technology-elevated property management solutions, announced Monday that, through its wholly-owned subsidiary Tribe Management Inc., it is has agreed to acquire Toronto-based DMSI Holdings Ltd. -- including three operating subsidiaries: DMS Property Management Ltd., Del Management Solutions Inc., and Delcom Management Services Inc.

According to highlights, DMSI achieved consolidated unaudited revenue of over $12 million in 2023 and positive net income before taxes of $2.4 million.

Monday's statement said the acquisition "propels" Tribe's proforma annualized revenue run-rate to over $31 million and "significantly" improves the company's profitability profile. In addition, the acquisition expands the company's footprint in residential rental and commercial property management, making Tribe one of the largest rental property management companies in Canada.

To complete the acquisition, the company also announced a non-brokered private placement to raise aggregate gross proceeds of up to $3.5 million which will be led by PROPELR Growth, a late-stage growth equity investment fund, and will also include the participation of the operators of DMSI.