16/12/2022
Odevo, an international leader that is driving change in the traditional property management industry, continues its rapid expansion in the U.S. market with the addition of successful Texas-based Spectrum Association Management and five additional new brands joining the Group. These new arrivals offer a range of market-leading core services, as well as select new and exciting HOA management-related services.
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Odevo, an international leader of the traditional property management industry, has established itself in the U.S. with KW Property & Management Consulting, a leading Florida-based property manager, joining the group. This marks both Odevo’s first expansion outside of Europe and its entry into the U.S., the world’s largest market for property management. The U.S. will be Odevo’s fourth market, and the deal will increase Group revenue from $175 million USD to $315 million USD.
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Trinity Property Group, one of the largest residential property management companies in theUK, is the latest company to join Odevo. As a result, Odevo now has over half a million homes under management in three European markets and a turnover of SEK 1.7 billion.
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JM will license Odevo’s proprietary platform to manage both its condominium customers and rental tenants. As a result, four Swedish management companies and thus a third of Sweden’s homeowner associations (i.e., 500,000 properties), will now be connected to Odevo’s platform.
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Odevo, which is challenging the property and housing management industry in many ways, not least with its proprietary tech platform, announces the acquisition of fintech company Monu. Monu’s platform enables companies to offer banking services to their customers without having to be a bank themselves. With Monu as part of the Group, Odevo is now taking the step to offer its customers, i.e. property owners and homeowner associations, banking services within saving and lending.
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Norwegian OBOS has invested in Odevo, the newly launched fast-growing group, and sold its shares in SBC. With this transaction, SBC is now wholly owned by Odevo. This investment is evidence of the confidence OBOS has in Odevo’s development and ambition to challenge the property and housing management industry internationally.
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