Latch Inc. has completed its acquisition of 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.
Latch acquired 100% of the capital stock of HDW 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 million aggregate principal amount of unsecured promissory notes. Upon the closing of the acquisition, Latch acquired all of HDW’s assets, including its intellectual property and $8.0 million in cash. Additionally, approximately 30 HDW team members joined Latch.
The acquisition integrates the two companies’ teams, resources and expertise to advance Latch’s mission of making spaces better places to live, work and visit, while further advancing HDW’s capabilities. Siminoff is expected to take over as Latch’s CEO later this year. The combined company plans to remain focused in the near term on optimizing efficiency and ensuring continued excellence for customers.
