Acquisition enables Latch to deliver on its
mission of making spaces better places to live, work, and
visit.
Siminoff, who brings years of experience in
IoT, SaaS, security, and real estate, is expected to take over as
Latch CEO later this year.
Latch, Inc. (NASDAQ: LTCH), maker of LatchOS,
the full-building enterprise software-as-a-service (SaaS) platform,
today announced that it has 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.
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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.
Jason Keyes, Latch Interim CEO, said: “We are pleased to join
forces with Jamie and his team as we continue on our current path
of driving operational performance and sustainable growth. I am
confident Jamie’s passion for leading mission-driven technology
companies, his operational expertise, and his track record for
creating industry-dominating products will be invaluable as Latch
enters its next phase. I am excited about the opportunity to
further improve our customer experience via the integration of HDW
services into LatchOS.”
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.
Siminoff said: “I’m excited to join the Latch team, which has
built an incredible offering that users across the country enjoy
and benefit from every day. Smart, secure access control is not
only fundamental to real estate operators like myself, but also to
residents and service providers. I look forward to combining Honest
Day’s Work with Latch to build a residential ecosystem that
empowers building owners, operators, service providers, and
residents alike.”
“We are excited to welcome Jamie and the HDW team,” said Andrew
Sugrue of the Latch board of directors. “Latch has gone through
many changes over the last year, and we are pleased to have Jamie
joining us to guide the company to long-term success and growth. We
believe that Jamie’s experience leading successful ventures and his
strong leadership will be of huge value as we embark on this next
step in Latch’s evolution.”
Transaction Highlights
- 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.
- 30 Honest Day’s Work team members are expected to join Latch
post-transaction.
- Jamie Siminoff is expected to become CEO of Latch later in
2023.
- The transaction is expected to close at the beginning of the
third quarter of 2023, subject to customary closing
conditions.
About Latch, Inc. Latch makes spaces better places to
live, work, and visit through a system of software, devices, and
services. For more information, please visit www.latch.com.
About Honest Day’s Work Honest Day’s Work is on a mission
to enable independence through technology for residential service
providers, such as housekeepers, dog walkers, electricians, and
drivers. The company aims to provide workers with more control over
their businesses and enable them to deliver high-quality service to
their customers. HDW was founded by Jamie Siminoff, founder of
Ring.
FORWARD-LOOKING STATEMENTS This release contains certain
forward-looking statements within the meaning of the federal
securities laws. These forward-looking statements generally are
identified by the words "believe," "project," "expect,"
"anticipate," "estimate," "intend," "strategy," "future,"
"opportunity," "plan," "may," "should," "would," "will continue,"
"will likely result," and similar expressions. Forward-looking
statements are predictions, projections, and other statements about
future events that are based on current expectations and
assumptions and, as a result, are subject to risks and
uncertainties. Forward-looking information includes, but is not
limited to, statements regarding: Latch’s and Honest Day’s Work’s
future products, financial performance, strategies, and operations,
and the related benefits to shareholders, customers, and residents;
expected growth of demand for Latch’s and Honest Day’s Work’s
future products and their adoption by customers; Latch and Honest
Day’s Work industry positions; Latch’s acquisition of Honest Day’s
Work, the impact of such acquisition and related transactions on
the combined company, and the operating results of the combined
company; the ability of Latch to successfully integrate Honest
Day’s Work post-acquisition and realize the benefits of such
acquisition, including the expected performance of the combined
company’s management team; and the transition in Latch’s CEO
position. Many factors could cause actual future events to differ
materially from the forward-looking statements in this document,
including: whether the acquisition is completed in a timely manner
or at all; the risk that the acquisition may involve unexpected
costs or liabilities; the effect of this announcement, or the
completion of the acquisition, on Latch’s operations and
relationships with customers, suppliers, and personnel; the outcome
of any legal proceedings related to the transactions; Latch’s
ability to implement business plans; changes and developments in
the industry in which Latch competes; Latch’s ability to regain and
maintain compliance with the listing standards of The Nasdaq Stock
Market LLC; and Latch’s ability to timely complete the ongoing
restatement of its consolidated financial statements for 2019,
2020, 2021, and the first quarter of 2022. The foregoing list of
factors is not exhaustive. You should carefully consider the
foregoing factors and the other risks and uncertainties described
in the "Risk Factors" section of our Annual Report on Form 10-K
filed with the SEC on March 1, 2022, and other documents
subsequently filed by Latch from time to time with the Securities
and Exchange Commission (the “SEC”). These filings identify and
address other important risks and uncertainties that could cause
actual events and results to differ materially from those contained
in the forward-looking statements. Forward-looking statements speak
only as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and Latch assumes no
obligation to update or revise these forward-looking statements,
whether as a result of new information, future events, or
otherwise, except as required by law, including the securities laws
of the United States and the rules and regulations of the SEC.
Latch does not give any assurance that it will achieve its
expectations.
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version on businesswire.com: https://www.businesswire.com/news/home/20230516005320/en/
Investors: investors@latch.com
Latch PR: press@latch.com
Honest Day’s Work PR: press@honestdayswork.com
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