Latch to Acquire Ring Founder Jamie Siminoff’s Latest Company, Honest Day’s Work
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.
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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.
A lifelong inventor and entrepreneur,
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
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 millionaggregate principal amount of unsecured promissory notes.
- 30 Honest Day’s Work team members are expected to join Latch post-transaction.
Jamie Siminoffis 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.
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
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
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