PropTech (property technology) company Latch, which makes the full-building enterprise SaaS (software as a service) platform LatchOS and TS Innovation Acquisitions Corp. (TSIA) recently announced they completed their transaction to make Latch a publicly traded company. The deal was approved during a special TSIA stockholders meeting. TSIA is a SPAC (special purpose acquisition company) that real estate owner, developer, operator, and investment manager Tishman Speyer Properties, L.P. launched.
The transaction will bring Latch approximately $453 million in cash proceeds, which will be used to fund initiatives to drive growth. Initiatives include the growing the number of units on its platform, expanding offerings to additional asset classes, and spreading to new geographies.
“Latch’s long-term mission is to make all types of spaces better places to live, work, and visit,” Luke Schoenfelder, Latch Co-Founder, CEO, and Chairman of the Board of Directors said in a statement. “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.”
“We were attracted to Latch for its proven business model, strong leadership, and exceptional products, which have completely changed the building experience,” Rob Speyer, President and CEO of Tishman Speyer and member of the Board of Directors of Latch said in a statement. “I look forward to continuing my collaboration with Luke and the management team, helping Latch strengthen and grow its position in the industry.”
Latch has successfully launched a series of new products since it merged with Tishman Speyer in January. The products include LatchOS for Commercial Office, a high-growth commercial solution that will extend smart access, visitor delivery management, smart device and sensor control, connectivity and identity and personalization solutions to meet the needs of modern office spaces. Latch’s Visitor Express solution is a contactless visitor entry system designed to streamline visitor entry within office buildings, reduce lobby lines and wait times and increase operational efficiencies for building staff.
Additional Latch products include the Lens Partner Program, which 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; and Latch C2, the company’s newest smart access solution. The cost-effective device is designed for both retrofits and new construction that brings Latch to more people and more doors than ever before.
Latch’s solutions a reminder of connectivity’s importance
The rise of Latch’s new products come at an ideal time as commercial real estate owners welcome tenants back following the COVID-19 pandemic. Any solution that lets employees access their buildings without having to touch anything, like the Latch Visitor Express, is a good way to make them feel better about returning to their workplace. Meanwhile, LatchOS for Commercial Office opens a variety of opportunities for tenants as the demand for an updated office experience only gets stronger.
An innovative as Latch’s solutions are, however, they’re only as useful as a building’s wireless network. Responsibility falls on CRE owners to ensure their building has the connectivity required to handle the type of “smart” tech that Latch offers. If tenants realize such solutions are available, but they can’t access them because their office is in a property with poor connectivity, there’s a good chance they’ll find a building that is equipped to handle these innovative offerings.
Joe Dyton can be reached at email@example.com.