Ring founder Jamie Siminoff to join Latch
May 16, 2023 By SP&T Staff
Latch announced that it has entered into an agreement to acquire Honest Day’s Work (HDW).
HDW is Jamie Siminoff’s latest company, which, according to a press release, is “dedicated to enabling residential service providers, such as housekeepers, dog walkers and drivers, to operate more efficiently, profitably, and independently through technology.”
Siminoff is also the founder of Ring, which was acquired by Amazon in 2018.
After joining Latch, Siminoff is expected to become the company’s CEO sometime this year.
“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,” said Siminoff in a statement. “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,” said 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.”
According to Latch, the company will acquire 100 per cent of the capital stock of Honest Day’s Work 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 US$22.0 million aggregate principal amount of unsecured promissory notes. The transaction is expected to close at the beginning of the third quarter of 2023, subject to customary closing conditions.
Thirty Honest Day’s Work team members are expected to join Latch post-transaction.
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