Latch, Inc. completed the acquisition of HelloTech, Inc.
July 01, 2024
Share
Latch, Inc. (OTCPK:LTCH) entered into an agreement to acquire HelloTech, Inc. on June 21, 2024. The transaction is expected to close in the third quarter of 2024. HelloTech will continue to operate as a subsidiary of Latch. Latch, Inc. As consideration for the Merger, the Company, assumed HelloTech?s outstanding borrowings under its existing term loan with its commercial bank and paid $2.5 million of HelloTech?s Merger-related expenses. HelloTech?s stockholders or other equity holders did not receive any consideration in connection with the Merger. As of June 21, 2024, HelloTech?s outstanding borrowings under its existing term loan with the Bank were approximately $6.9 million. However, the Bank agreed to forgive approximately $0.9 million in outstanding borrowings owed by HelloTech under its existing term loan. Bryan Cave Leighton Paisner LLP acted as a legal advisor to Latch, Inc. (OTCPK:LTCH) and Stubbs Alderton & Markiles LLP acted as a legal advisor to HelloTech, Inc.
Latch, Inc. (OTCPK:LTCH) completed the acquisition of HelloTech, Inc. July 1, 2024.
Latch, Inc. is an enterprise software-as-a-service (SaaS) provider. The Company is a full-building operating system of software, products, and services that allows buildings to evolve to meet the demands of residents, tenants, staff, and visitors. Its products include Latch App, LatchID, OpenKit, Latch Lens, Latch Hub, Latch T, Link, Intercom, Latch R, Latch M, Latch C2, Camera, Latch Water Sensor, and Latch Concierge Pro. It helps the real estate operators in managing each of their spaces by introducing its new Web-based tool, Mission Control. It also uses Concierge, which helps real estate operators get automated guest and delivery management, tools for amenity optimization and monetization, and a tool to remotely augment their building staff. The Company also enables residential service providers, such as housekeepers, dog walkers, and drivers, to operate independently through technology.