ApartmentLove to Acquire Canadian FinTech Pioneer Processing Over $750 Million in Annual Transaction Volume
TORONTO, June 26, 2023 (GLOBE NEWSWIRE) -- ApartmentLove Inc. (CSE: APLV) (OTCQB: APMLF) (“ApartmentLove” or the “Company”), a leading provider of online home, apartment, and vacation rental marketing services to property managers, owners, renters, and vacationers from around the world is pleased to announce the signing of a non-binding Letter of Intent (the “LOI”) to acquire a pioneer in the Canadian Financial Technology (“FinTec”) sector (the “Proposed Transaction”).
A leading architect of the “pay your rent online” movement, the target company counts approximately 50,000 renters as monthly recurring payees, digitally distributing rental payments to property managers and apartment building owners and operators across North America.
Further underscoring management’s resolve to consolidate the internet listing industry, successfully completing the Proposed Transaction will significantly enhance the Company’s service offering as a compliment to the Company’s marketing business while creating a recurring touchpoint with renters as they pay their rent each month, along with several other ancillary services. Earning a fee for every processed transaction, the target company has a stable of long-term sales contracts and a history of revenue generation. “Integrating their software into our numerous PropTech businesses makes great sense for our property management and rental customers,” said Trevor Davidson – President & CEO of ApartmentLove.com.
Based on information received by the Company from the target company, in addition to the target company having approximately 50,000 monthly recurring users of its FinTech software, the Proposed Acquisition would include approximately 150 property managers, including some of the largest and most respected in North America, processing over three quarters of a billion dollars in annual transaction volume.
Subject to the Company’s due diligence process and other customary closing conditions for transactions of this size and nature, and the execution of the definitive agreement in connection with the Proposed Transaction, the Company expects the Proposed Transaction will close in Q3/2023.
About ApartmentLove Inc.
ApartmentLove Inc. (CSE: APLV) (OTCQB: APMLF) is a leading provider of online home, apartment, and vacation rental marketing services to property managers, owners, renters, and vacationers in more than 30-countries around the world. Promoting more than 350,000 daily active homes, apartments, and vacation properties on its network of short-term and long-term rental marketing websites, ApartmentLove has proven its ability to scale as a fast-growing PropTech in today’s complex and dynamic markets. Seeking to consolidate the deeply fragmented internet listing industry, ApartmentLove has acquired multiple businesses that have many monthly active users, a history of recurring revenues, positive cashflows, and/or custom technologies that accelerate and destress the renting experience.
For more information visit www.apartmentlove.com/investors or contact:
President & CEO
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of the Company. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Forward looking statements include, but are not limited to: the successful negotiation and entering into of the definitive agreement in connection with the Proposed Transaction; the final negotiated terms and conditions of the definitive agreement; the closing of the Proposed Transaction pursuant to the terms and conditions of the definitive agreement; the anticipated benefits of the Proposed Transaction, provided that the Proposed Transaction closes, and the ability of the Company to realize the benefits of the Proposed Transaction; the Company realizing the benefits of its growth by acquisition plans; and the receipt of all governmental and regulatory approvals, including the approval of the CSE, if required.
The forward-looking information contained in this release is made as of the date hereof. The Company will not update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place any undue reliance on forward looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
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