Ohmyhome Announces Growth Updates Following Acquisition Of Property Management Business Simply Sakal; Units Under Management Reached 6,746 Units, With An Annual Recurring Revenue Of Over $2.7M
Portfolio Pulse from Benzinga Newsdesk
Ohmyhome Ltd. (NASDAQ:OMH) announced significant growth following its acquisition of Simply Sakal Pte. Ltd., now Ohmyhome Property Management. The acquisition has expanded Ohmyhome's services, adding a non-cyclical recurring revenue stream with 6,746 units under management and an ARR of over $2.7M. The integration into the Simple App allows entry into the private condominium market, potentially increasing revenue per transaction. New IoT solutions for vehicle management in condominiums have been introduced, enhancing property management efficiency.
February 08, 2024 | 1:50 pm
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Ohmyhome's acquisition of Simply Sakal, now Ohmyhome Property Management, has significantly expanded its service offerings and established a strong position in Singapore's condominium property management sector. With an ARR of over $2.7M and new IoT solutions, this strategic move is expected to enhance Ohmyhome's revenue streams and market presence.
The acquisition of Simply Sakal not only adds a significant number of units under management to Ohmyhome's portfolio but also introduces a recurring revenue stream and potential for higher revenue transactions in the private condominium market. The introduction of IoT solutions for vehicle management represents an innovative step forward in property management, likely attracting more clients and enhancing operational efficiency. These factors combined suggest a positive short-term impact on Ohmyhome's stock price.
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