Urbanise (ASX:UBX)
Source: Urbanise
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  • (UBN) completes the rollout of its cloud-based strata platform across the majority of PICA Group’s property portfolio
  • The platform combines communication and accounting functions to manage apartment buildings, strata commercial towers and housing communities
  • Following the milestone, UBN expects an increase in annual recurring revenue
  • Urbanise shares closed at $1.60 on Monday (UBN) has completed the rollout of its cloud-based strata platform across the majority of strata management company PICA Group’s property portfolio.

The software-as-a-service platform is used to manage apartment buildings, strata commercial towers and large housing communities by integrating management, communication and accounting functions in one system.

Following the implementation of outstanding lots in PICA’s NSW portfolio, UBN said it expected to see an uplift in its annual recurring revenue, which the company last reported in its strata backlog in January.

Urbanise CEO Saurabh Jain said since stepping into the role in January 2019, the completion of the project had been a major priority for the company’s strata team.

“Over the past couple of years, both parties have worked hard to drive the development, migration and implementation of the platform across PICA’s extensive national portfolio,” he said.

“We see further opportunities to grow within the PICA Group and look forward to continuing our partnership as part of our 10-year agreement.”

PICA Group CEO Wayne Walker added: “The implementation of the Urbanise Strata platform within our organisation is an important milestone for PICA (and) we reinforce our position as Australia’s leading strata manger.”

Shares in were trading at $1.60 apiece at market close on Monday.

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