Ohmyhome Ltd. (
NASDAQ: OMH,
“
Ohmyhome”, “the
Company”), a
one-stop-shop property technology platform providing end-to-end
property solutions and services to buy, sell, rent, and renovate
homes, announces the acquisition of Simply Sakal Pte. Ltd
(“Simply”), a leading tech-enabled property management company in
Singapore, by Ohmyhome (BVI) Limited, a wholly owned subsidiary of
Ohmyhome. Ohmyhome acquired a 100% interest in Simply for a
consideration of approximately S$4.7 million (approximately US$ 3.5
million) via a combination of cash and stock.
“This strategic acquisition creates a premier
one-stop-shop property solution for customers in Southeast Asia
like none other. It is in line with Ohmyhome’s growth strategy of
expanding service offerings, and it accelerates Ohmyhome’s vision
of becoming a Super App for properties.” Said Rhonda Wong,
CEO and Co-Founder of Ohmyhome, “Simply opens doors to a
wider user base in Singapore’s private residential segment starting
with 5,800 residential units. Revenue per transaction in the
private market is significantly larger than in the HDB market, and
therefore is accretive to revenue and adds to the company’s path to
profitability.”
In Singapore, over 400,000 families reside in
condominiums and executive condominiums (ECs), and approximately
40,000 more units are set to be completed in the coming years.
These residents frequently engage with their condominium's property
management company for various services, such as facility bookings,
guest registration, and approvals for moving and renovations.
Currently, these processes rely heavily on paperwork and manual
labor, resulting in inefficient communication and service delivery.
With the fragmented state of the property management industry in
Singapore and Southeast Asia, there is a need for an elevated
experience for both managing agents and residents living in
condominiums. With recurring monthly fees, residents expect a
service standard that aligns with their modern lifestyles, and
Ohmyhome aims to address these concerns effectively.
Residents in around 6,000 units managed by
Simply in Singapore will be able to access Ohmyhome’s latest
homeowner dashboard, Homer AI, for quality information and content
on their home value and latest property trends, as well as
Ohmyhome’s quality services such as brokerage, renovation,
cleaning, and handyman services directly on their fingertips. The
expanded service offering and strong vertical integration will
create more value to Simply’s current and future customers and
accelerate the expansion of Ohmyhome user base. The company’s
preliminary estimate of potential synergies resulting from the
transaction is S$9 million in the first year and positive EBITDA in
the second year, mainly driven by aggressive growth plans and cost
optimisation of operational efficiencies.
“We are very excited to be a part of the
Ohmyhome family,” Kenneth Chong, CEO of Simply Sakal continued.
“Our companies are aligned in the vision of providing the best
experience to homeowners by ensuring that all services surrounding
their homes from the transaction to the maintenance are all
provided at their fingertips, reshaping the way they experience
their homes. By combining our strengths, Ohmyhome and Simply will
be able to create a comprehensive offering for homeowners and home
seekers and serve them for a lifetime.”
Following the acquisition, Simply will also be
rebranded as Ohmyhome Property Management subject to requisite
notice and approvals.
About Ohmyhome
Ohmyhome is a one-stop-shop property technology
platform in Singapore that provides end-to-end property solutions
and services to buy, sell, rent, and renovate homes. Since its
launch in 2016, Ohmyhome has transacted over 14,500 properties. It
is also the highest-rated property transaction platform, with more
than 8,000 genuine reviews, and an average rating of
4.9 out of 5 stars.
Today, Ohmyhome is the first Singaporean company
listed in the US in 2023 and the first women-only founded Proptech
company listed in the US.
Ohmyhome is dedicated to bringing speed, ease,
and reliability to property-related services and to becoming the
most trusted and comprehensive property solution for everyone.
For more information, visit:
https://ohmyhome.com/en-sg/
About Simply
Simply Sakal Pte. Ltd. (“Simply”) is a leading
technology managing agent serving Management Corporation Strata
Titles (“MCSTs”) with a platform that focuses on work force
productivity as well as capturing data and records for decision
making. Since its launch in 2020, Simply has secured over 20
condominium projects and has close to 6,000 units under
management.
For more information, visit:
https://simplysakal.asia/.
Safe Harbor StatementThis press
release contains forward-looking statements. In addition, from time
to time, we or our representatives may make forward-looking
statements orally or in writing. We base these forward-looking
statements on our expectations and projections about future events,
which we derive from the information currently available to us.
Such forward-looking statements relate to future events or our
future performance, including: our financial performance and
projections; our growth in revenue and earnings; and our business
prospects and opportunities. You can identify forward-looking
statements by those that are not historical in nature, particularly
those that use terminology such as “may,” “should,” “expects,”
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statements, you should consider various factors, including: our
ability to change the direction of the Company; our ability to keep
pace with new technology and changing market needs; and the
competitive environment of our business. These and other factors
may cause our actual results to differ materially from any
forward-looking statement.
Forward-looking statements are only predictions.
The forward-looking events discussed in this press release and
other statements made from time to time by us or our
representatives, may not occur, and actual events and results may
differ materially and are subject to risks, uncertainties, and
assumptions about us. We are not obligated to publicly update or
revise any forward-looking statement, whether as a result of
uncertainties and assumptions, the forward-looking events discussed
in this press release and other statements made from time to time
by us or our representatives might not occur.
For more
informationInvestor Contact:Skyline
Corporate Communications Group, LLCScott Powell, PresidentOne
Rockefeller Plaza, 11th FloorNew York, NY 10020 USAOffice:
(646) 893-5835 x2Email: info@skylineccg.com
Visit the Investor Relation
Website: ir.ohmyhome.com
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