Vancouver, British Columbia - Tribe Property Technologies, a leading property management technology company, announced on Thursday that it has finalized an agreement with a Canadian bank for a CAD 15 million ($11 million) loan. This capital injection is expected to drive the company's growth plans.
The loan consists of a CAD 3 million operating line, which will support Tribe's working capital requirements. Additionally, CAD 7 million has been allocated for mergers and acquisitions (M&A) activities, with the potential to expand this amount by CAD 5 million through an accordion feature.
Joseph Nakhla, Chief Executive of Tribe Property Technologies, emphasized the significance of this financing facility in the company's M&A growth strategy. He expressed excitement about the prospects of accelerating their expansion plans.
Tribe Property Technologies finalized the definitive loan agreement with the technology and innovation banking division of a prominent Canadian bank on October 5th. The announcement coincided with the departure of the company's former Chief Financial Officer, Jim Defer, who decided to pursue new opportunities. Angelo Bartolini, a seasoned executive leader with over 12 years of experience in public companies, has been appointed as Defer's replacement.