Cloud-based access control provider Brivo and Crown PropTech Acquisitions, a publicly-traded special purpose acquisition company (SPAC), Wednesday announced that they have entered into a definitive merger agreement that will result in Brivo becoming a publicly listed company.
The transaction values the company at a pro forma enterprise value of US$808 million. Upon closing, the combined company will operate as Brivo, and its Class A common stock is expected to be listed under the ticker symbol “BRVS.”
Brivo was founded in 1999. Today, Brivo builds and sells Software-as-a-Service-based (SaaS) building access management services and connected devices to enterprises and property owners through over 1,500 channel partners.
Brivo serves a global customer base of more than 44,500 customer accounts across 42 countries, according to the company.
“Brivo is unique not only in that we created the category-defining smart spaces platform, but that our products and services are foundational systems within our customers’ buildings, ensuring the safety and security of their tenants, residents and employees,” said Steve Van Till, founder and CEO of Brivo in a statement. “We have more experience executing on a cloud-based access control model and successfully creating innovative smart devices than any other company in the world. This is demonstrated by our market position and channel penetration vs other cloud-based access control providers. We have a track record of innovation, a network of sales and service channel partners, and direct insights into the needs of customers across all classes of commercial real estate – including enterprise, which is a meaningful differentiator for Brivo. We are entering our next phase of growth as a public company supported by favourable secular tailwinds driving a smart spaces revolution, and Brivo is uniquely positioned to continue to capture the growing opportunity as we realize exceptional customer buy-in, continued expansion and high levels of retention.”
Dean Drako, chairman of Brivo, added, “Brivo is the most sophisticated and mature cloud-based access control platform on the market and enjoys a highly compelling growth trajectory. This transaction will provide us with a significant source of capital to continue to fuel innovation and introduce high-quality products and services that protect lives and assets. Brivo is truly first and best in class, with a significant head start on others that have more recently entered this rapidly growing space. We look forward to continuing to set the industry standard and expand our position as the category leader.”
Richard Chera, chairman and CEO of Crown PropTech Acquisitions, commented, “As an owner and operator of a sizable portfolio of commercial properties, we recognize the significant value Brivo brings to the ecosystem, and we believe there is a compelling opportunity to leverage our experience and relationships to further establish the company as the pre-eminent provider of cloud-based access control and smart building technology. Brivo has demonstrated its value through its strong subscription revenues, retention rates, network of channel partners, and successful land and expand strategy, creating a highly loyal customer base. We look forward to supporting Steve and the team as they advance their strategic priorities.”
Brivo’s management team – including Van Till, COO John Szczygiel, CFO Mike Voslow and CTO Jeff Nielsen – will continue to operate and manage the combined company following the transaction. Dean Drako will continue to serve as Brivo’s chairman of the board. The boards of directors of Brivo and Crown have unanimously approved the business combination. The transaction will require the approval of the stockholders of Crown, and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. The transaction is expected to close in the first half of 2022.
Imperial Capital is acting as financial advisor, and Latham & Watkins LLP is acting as legal advisor to Brivo.
RBC Capital Markets, LLC is acting as financial advisor and capital markets advisor to Crown, and as exclusive placement agent on the private placement. Davis Polk & Wardwell LLP is acting as legal advisor to Crown. Shearman & Sterling LLP is acting as legal advisor to RBC Capital Markets, LLC. Simpson Thacher & Bartlett LLP is acting as legal advisor to Golub Capital Credit Opportunities.
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