By Adriano Marchese


Tribe Property Technologies said Thursday it has signed an agreement for a 15 million Canadian-dollar ($11 million) loan with a Canadian bank which it plans to use to accelerate growth.

The Vancouver, British Columbia-based property management technology company said the loan is made up of a C$3 million operating line to support its working capital requirements as well as C$7 million for M&A, which can be expanded by C$5 million through an accordion feature.

Chief Executive Joseph Nakhla said the financing facility is an essential piece of its M&A growth strategy as it looks to accelerate those plans.

The company signed the definitive loan agreement with the technology and innovation banking arm of a Canadian bank on Oct. 5, days before its chief financial officer, Jim Defer, resigned to pursue other opportunities. On Tuesday, Tribe appointed Angelo Bartolini, an executive leader with over 12 years of experience in public companies, as his replacement.


Write to Adriano Marchese at adriano.marchese@wsj.com


(END) Dow Jones Newswires

10-12-23 0750ET