Latch Inc., a building software provider, is going public via a merger with TS Innovation Acquisitions Corp. TSIAU, +3.28%, a special purpose acquisition corporation backed by real estate owner and developer Tishman Speyer Properties LP. The deal has an equity value of $1.56 billion, the companies said in a statement. On closing, the company will trade on Nasdaq under the new ticker “LTCH.” Latch was founded in 2014 and provides buildings and residents with services such as smart access, smart home sensors and connectivity. The company has worked with large real estate owners and investors, including Tishman Speyer and has booked over 300,000 units across more than 35 states. In 2019, one in ten new multifamily apartments in the U.S. were built with Latch software. The company will continue to be led by co-Founder and Chief Executive Luke Schoenfelder, with Rob Speyer, president and CEO of Tishman and CEO and Chairman of TS Innovation joining the board. Latch had booked revenue of $157 million in 2020, equal to 49% growth over 2019. Once the deal closes, the company will have up to $510 million in cash. The deal is expected to close in the second quarter. TS Innovation shares were up 0.7% premarket.
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