Latch, Inc. (NASDAQ: LTCH), maker of LatchOS, the full-building enterprise software-as-a-service (SaaS) platform, entered into a definitive agreement to acquire Honest Day’s Work (HDW), Ring founder Jamie Siminoff’s latest company dedicated to enabling residential service providers, such as housekeepers, dog walkers, and drivers, to operate more efficiently, profitably, and independently through technology.
Latch will acquire 100% of the capital stock of Honest Day’s Work in exchange for approximately 29.0 million shares of Latch’s common stock, subject to certain time-based and stock performance-based transfer restrictions, and $22.0 million aggregate principal amount of unsecured promissory notes. The transaction is expected to close at the beginning of the third quarter of 2023, subject to customary closing conditions.
The acquisition will integrate the two companies’ teams, resources, and know-how to advance Latch’s mission of making spaces better places to live, work, and visit, while further advancing HDW’s capabilities. Jamie Siminoff is expected to take over as Latch’s CEO later this year, and the combined company plans to remain focused in the near term on optimizing efficiency and ensuring continued excellence for customers.
A lifelong inventor and entrepreneur, Jamie Siminoff created Ring, a whole-home security company that was acquired by Amazon in 2018. Since then, Siminoff has been investing in residential, multi-family real estate, and, more recently, started building Honest Day’s Work, his new endeavor that enables service providers to be more profitable and deliver the best service to their customers.
Led by Jason Keyes, Interim CEO, Latch makes spaces better places to live, work, and visit through a system of software, devices, and services.
FinSMEs
16/05/2023