Tribe Property Technologies Inc. (OTC:TRPTF) Stock In Focus After Acquisition News

The news about a fresh acquisition is often seen closely by the market and brings a company’s stock into focus as well. On Monday, Tribe Property Technologies Inc. (OTC:TRPTF) was in focus after it announced that it had completed the acquisition of Meritus Group Management Inc. In the news release, Meritus had been described as an arm’s length party, which would further bolster the presence of the company in the greater Toronto region of Ontario, Canada.

The Chief Executive Officer of Tribe Property Technologies, Joseph Nakhla, spoke about the acquisition. He noted that everyone at the company was thrilled at having welcomed Meritus into the Tribe Property fold. He went on to note that the acquisition was also a major landmark for Tribe Property as it continued to expand its presence in the biggest metropolitan area of Canada. It would help in adding more than 5000 homes under its management and thereby give a fillip to its revenues too.

The latest acquisition was in alignment with Tribe Property’s strategic focus to expand its geographical footprint across Canada and beyond. The latest acquisition would boost the company’s presence in Canada considerably. It would help in taking the total number of offices for the company to 8, out of which 5 are located in British Columbia, 2 in Ontario, and 1 in Alberta. The two offices in Ontario also include the new office belonging to Meritus in Toronto.

Dean McCabe, the principal of Meritus Group Management, delivered a statement about the transaction as well. He stated that he had been looking for the right partner who shared the same vision of bringing about modernization in the property management industry. Additionally, he noted that he was looking for a partner who could help elevate the level of service provided to the clients. Tribe Property ticked those boxes, he added.