Latch, Maker of Full-Building Enterprise SaaS Platform LatchOS, to Merge with Tishman Speyer-Sponsored SPAC and Become Publicly Listed Company
Provides Capital to Accelerate Latch's Expansion and Drive Enhanced Growth; More Than One-in-Ten New Apartments in the U.S. Built with LatchOS in 2019
Latch to Have up to $510 Million in Cash, Including $190 Million in PIPE Investments Anchored by Funds and Accounts Managed by BlackRock, D1 Capital Partners, Durable Capital Partners LP, Fidelity Management & Research Company LLC, Chamath Palihapitiya, The Spruce House Partnership, Wellington Management, ArrowMark Partners, Avenir and Lux Capital
-- Transaction Values Latch at Equity Value of $1.56 Billion Post-Money
The Company has booked over 300,000 units across more than 35 states, with one in ten new multifamily apartments in the United States built with Latch in 2019.
"Latch has successfully created an entire ecosystem around our full building operating system, devices, and partners that enhances the building experience for both owners and residents,"
The Company has generated strong results to date, including $167 million in Booked Revenue1 in 2020, which represents 49 percent growth from 2019; zero customer churn leading to 100 percent Gross Revenue Retention2; and a strong SaaS company Lifetime Value (LTV) to Customer Acquisition Costs (CAC) ratio of 6.8x3.
The transaction, which has been unanimously approved by TSIA's board of directors, is expected to close in the second quarter of 2021.
finance.yahoo.com/ne...prise-110000978.html
Provides Capital to Accelerate Latch's Expansion and Drive Enhanced Growth; More Than One-in-Ten New Apartments in the U.S. Built with LatchOS in 2019
Latch to Have up to $510 Million in Cash, Including $190 Million in PIPE Investments Anchored by Funds and Accounts Managed by BlackRock, D1 Capital Partners, Durable Capital Partners LP, Fidelity Management & Research Company LLC, Chamath Palihapitiya, The Spruce House Partnership, Wellington Management, ArrowMark Partners, Avenir and Lux Capital
-- Transaction Values Latch at Equity Value of $1.56 Billion Post-Money
The Company has booked over 300,000 units across more than 35 states, with one in ten new multifamily apartments in the United States built with Latch in 2019.
"Latch has successfully created an entire ecosystem around our full building operating system, devices, and partners that enhances the building experience for both owners and residents,"
The Company has generated strong results to date, including $167 million in Booked Revenue1 in 2020, which represents 49 percent growth from 2019; zero customer churn leading to 100 percent Gross Revenue Retention2; and a strong SaaS company Lifetime Value (LTV) to Customer Acquisition Costs (CAC) ratio of 6.8x3.
The transaction, which has been unanimously approved by TSIA's board of directors, is expected to close in the second quarter of 2021.
finance.yahoo.com/ne...prise-110000978.html