Ohmyhome Ltd. Announces Acquisition of Simply Sakal, a Leading Singapore Tech-Enabled Property Management Company, Creating Property “Super App”

• Strategic transaction creates an industry leading one-stop-shop property “Super App”
• Enhances Ohmyhome’s comprehensive technology and service offering to end-customers around buying, selling, renovating, and managing properties
• Transaction is expected to be accretive to Ohmyhome’s revenue growth and earnings in 2024, the first full year after its close, and lead to a positive EBITDA in 2025 upon the realization of the synergies
  

Singapore, Oct. 11, 2023 (GLOBE NEWSWIRE) -- 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.