Latch Acquires HDW; Jamie Siminoff to Become CEO
Latch acquires Ring founder Jamie Siminoff’s latest venture Honest Days Work in mostly stock deal. Siminoff to become new CEO of Latch.
Latch, Inc. (NASDAQ: LTCH), maker of LatchOS, the full-building enterprise software-as-a-service (SaaS) access control platform, announced 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.
The acquisition will integrate the two companies’ teams, resources, and know-how. 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, according to a press release.
In the deal, Latch will acquire 100% of the capital stock of Honest Day’s Work in exchange for approximately 29 million shares of Latch’s common stock, subject to certain time-based and stock performance-based transfer restrictions, and $22 million aggregate principal amount of unsecured promissory notes. Thirty Honest Day’s Work team members are expected to join Latch post-transaction. The transaction is expected to close at the beginning of the third quarter of 2023, subject to customary closing conditions.
Jason Keyes, Latch Interim CEO, says, “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 says, “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,” says 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.”
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