NEW YORK — Latch, maker of the full-building enterprise software-as-a-service (SaaS) platform LatchOS, announces it has completed its acquisition by TS Innovation Acquisitions Corp. (NASDAQ: TSIAU) and has become a publicly listed company.
The deal was first announced in January. TSIA is a publicly traded special purpose acquisition company (SPAC) launched by global real estate developer and investment manager Tishman Speyer Properties.
Latch’s common stock and warrants are trading on the Nasdaq Global Select Market under the ticker symbols “LTCH” and “LTCHW,” respectively.
“Latch’s long-term mission is to make all types of spaces better places to live, work, and visit,” says Luke Schoenfelder, Latch co-founder, CEO and chairman of the board of directors. “As a public company, we expect to have the capital and strategic resources to deliver new products, grow our market share in North America, enter new markets abroad and expand into new verticals that will benefit from our unique, full-building operating system. We look forward to executing our strategic objectives and driving enhanced value for our shareholders, customers and residents.”
In connection with the transaction, Latch has received approximately $453 million in cash proceeds, net of fees and expenses funded in conjunction with the closing of the business combination, which includes $190 million from a previously announced private placement of common stock (the “PIPE”).
The proceeds will be used to fund initiatives to drive growth, such as growing the number of units on its platform, expanding offerings to additional asset classes and spreading to new geographies, according to the announcement.
Rob Speyer, president and CEO of Tishman Speyer and member of the Board of Directors of Latch, adds, “We were attracted to Latch for its proven business model, strong leadership, and exceptional products, which have completely changed the building experience. I look forward to continuing my collaboration with Luke and the management team, helping Latch strengthen and grow its position in the industry.”
Since announcing the business combination in January 2021, Latch has launched a series of new products, including:
LatchOS for Commercial Office — a potentially high-growth commercial solution that will extend smart access, visitor and delivery management, smart device and sensor control, connectivity, and identity and personalization solutions to meet the needs of modern office spaces
Latch Visitor Express — a contactless visitor entry system designed to streamline visitor entry within office buildings, reduce lobby lines and wait times, and greatly increase operational efficiencies for building staff
The Latch Lens Partner Program — an industry-first partnership program that enables access device partners to leverage Latch’s software and Latch Lens
LatchID — a proprietary identification system that creates a trusted network of users, across spaces and devices
Latch C2 — Latch’s newest smart access solution, a cost-effective device designed for both retrofits and new construction