Ohmyhome nasdaq Omh Stock Skyrockets on Acquisition driven Growth Revelations

Ohmyhome (NASDAQ: OMH) Stock Skyrockets on Acquisition-Driven Growth Revelations

Ohmyhome Limited (NASDAQ: OMH) stock soared on Tuesday following the revelation of substantial growth updates post its acquisition of Simply Sakal Pte. Ltd., a property management business.

Ohmyhome Limited (OMH), a Singapore-based property technology giant, revealed its latest accomplishments in a press release, unveiling the rebranding of Simply Sakal Pte. Ltd. to Ohmyhome Property Management.

This strategic rebranding comes alongside a game-changing acquisition that has propelled Ohmyhome to new heights, expanding its service offerings and cementing its dominance in Singapore’s competitive condominium property management sector.

With the rebranding, Ohmyhome Property Management now commands an impressive portfolio, overseeing nearly 6,800 units and generating an Annual Recurring Revenue (ARR) surpassing $2.7 million (SGD 3.6 million) as of December 31, 2023.

The property management business has consistently expanded its operations with a Compound Annual Growth Rate (CAGR) of 57%, culminating in a revenue milestone of $2.0 million (equivalent to SGD 2.6 million) in 2022, overseeing a portfolio of 4,648 units.

The recent development follows Ohmyhome Limited (OMH) teaming up with SG Alliance Pte. Ltd., a licensed financial advisory firm widely recognized across Singapore. This partnership aims to provide comprehensive home-related insurance solutions to homeowners and home buyers.

Ohmyhome (NASDAQ: OMH) Stock Reaction

OMH stock shot up 82.26% to close at $2.26 on Tuesday. The traders had exchanged hands with 86,397,969 (86.39 million) shares compared to the average daily trading volume of 24.45K.