Ohmyhome Expands Its Reach with Acquisition of Simply Sakal

In a strategic move, Ohmyhome Ltd. (NASDAQ: OMH) has announced its acquisition of Simply Sakal Pte. Ltd, a prominent tech-enabled property management company.

The acquisition, conducted through Ohmyhome (BVI) Limited, a wholly-owned subsidiary of Ohmyhome, signifies a significant step towards bolstering the property technology platform's reach and offerings.

The deal, valued at approximately S$4.7 million, has opened new doors for Ohmyhome, allowing it to tap into Singapore's thriving private residential market. With over 400,000 families residing in condominiums and executive condominiums, the company says that demand for efficient property management services has never been higher.

A company press release asserted that the industry heavily relies on manual processes and paperwork, leading to inefficient communication and service delivery.

By integrating Simply's 5,800 residential units into their ecosystem, Ohmyhome can now offer residents an improved experience. Ohmyhome's cutting-edge homeowner dashboard, Homer AI, will provide homeowners with essential information about their property, trends in the real estate market, and access to various services, including brokerage, renovation, cleaning, and handyman services.

Kenneth Chong, CEO of Simply Sakal, expressed his excitement about this acquisition, stating, "Our companies are aligned in the vision of providing the best experience to homeowners by ensuring that all services surrounding their homes are 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."

With a preliminary estimate of S$9 million in potential synergies in the first year and a positive EBITDA in the second year, the company expects this acquisition not only to provide an enhanced experience to residents but also to pave the way for growth.

Simply Sakal is set to be rebranded as Ohmyhome Property Management, subject to the necessary approvals. This acquisition expands Ohmyhome's range of services to cater to a growing customer base.

Ohmyhome is primarily a tech-enabled brokerage business that describes itself in its prospectus as a "one-stop-shop property platform which provides end-to-end property solutions". The company does renovations, mortgage and insurance referrals and legal services as well as being a listing and research platform.