- Preliminary bookings for Q1 2021 are expected to be up 86-88%
year-over-year.
- Preliminary net revenue for Q1 2021 is expected to be up
135-140% year-over-year.
- Attach rates of non-access LatchOS software modules represented
75-80% of booked units in the quarter, significantly increasing
LTV/CAC.
Latch, Inc. (“Latch” or the “Company”), maker of LatchOS, the
full-building enterprise software-as-a-service (SaaS) platform,
along with TS Innovation Acquisitions Corp. (NASDAQ: TSIAU)
(“TSIA”), a publicly traded special purpose acquisition company
sponsored by Tishman Speyer, today announced an update of recent
activity.
“The first quarter was a strong start to 2021, with a sharp
acceleration in bookings and net revenue demonstrating increasing
market demand for our product-driven approach to helping our
partners drive more revenue and realize more efficiencies from
their portfolios,” said Luke Schoenfelder, Latch co-founder and
CEO. “We were pleased with our ability to execute our growth
strategy as planned, and believe we will see sustained growth
through the remainder of 2021 due to increased investments in sales
and marketing, robust new product offerings and partnerships, and
the expectation of a continued macro recovery. Furthermore, we are
excited about the pending merger with TS Innovation and believe we
are on track to complete the proposed transaction during the second
quarter of this year.”
Financial Highlights
- Preliminary bookings for Q1 2021 are expected to be up 86-88%
year-over-year, up nearly 2x from full year 2020 growth rates.
- Preliminary net revenue for Q1 2021 is expected to be up
135-140% year-over-year, up 6x from full year 2020 growth
rates.
- Attach rates of non-access LatchOS software modules continued
to increase and represented 75-80% of booked units in the quarter,
up from 44% in Q4 2020. Currently, non-access LatchOS software
modules include Intercom, Smart Home, and Package Room.
- Latch’s in-period booked LTV/CAC (with hardware losses)
increased an expected 40-50% in part driven by increased attach
rates growing its customer lifetime value over similar acquisition
costs.
Recent Business Highlights
- The Latch C2, the company’s new smart access device, which
debuted in Q1 2021, has already booked 20,000 units and was a
contributing driver of Q1 bookings outperformance. The Latch C2 is
competitively positioned to address the retrofit market due to its
low cost, long battery life, and limited infrastructure needs.
- NFC Unlock functionality on Android was deployed across our
product portfolio and builds on Latch’s industry-leading variety of
unlock options, furthering the value of owning the company’s full
technology stack, hardware, firmware, and software, by deploying
new features that add immediate value to both building owners and
residents, while simultaneously deepening technology integrations
with Google.
- Latch deepened its status as a trusted technology partner with
AvalonBay by developing a self-service touring experience that
allows prospective residents to visit Kanso Twinbrook, its newest
development concept, in a safe, contactless manner, illustrating
how Latch unifies software, hardware and services in one single
seamless experience for customers.
- Latch continues to expand its leadership team:
- Chris Lee joined Latch as Chief Revenue Officer. Chris’
impressive track record, along with increased investments in sales
and marketing, will expand Latch’s sales capacity and position the
company to sustain strong growth year-over-year.
- Deb Josephs has joined Latch as Chief People Officer. Deb’s
experience leading people operations across a diverse set of fast
growing technology companies will help Latch continue to thrive as
it increases headcount, expands to new verticals and geographies,
and continues to redefine how people interact with their
space.
- Latch has proposed a new board of directors for the
post-combination company. The new board will be comprised of an
experienced group of leaders with expertise in technology, real
estate, proptech, security, finance, and capital markets, and will
support Latch’s robust management team in steering Latch’s
continued growth, including into new verticals and
geographies.
About Latch, Inc.
Latch is reimagining the modern buildings of today and driving
evolution for the cities of tomorrow, by making spaces better
places to live, work, and visit. Latch delivers a building-wide
system designed to help owners, residents and third parties (e.g.
guests, couriers, service providers) seamlessly experience the
modern building through integrated products, software and services.
More than one in ten new apartments in the U.S. were being built
with Latch products in 2019 and 2020, with multifamily buildings in
more than 35 states featuring Latch solutions.
About TS Innovation Acquisitions Corp.
TS Innovation Acquisitions Corp., a Delaware corporation, is a
blank check company whose business purpose is to effect a merger,
capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses. Tishman Speyer Properties, L.P. ("Tishman Speyer"), a
leading owner, developer, operator and investment manager of
first-class real estate in 28 key markets across the United States,
Europe, Asia and Latin America, has sponsored TS Innovation
Acquisitions Corp. through its affiliate TS Innovation Acquisitions
Sponsor, L.L.C.
ADDITIONAL INFORMATION AND WHERE TO FIND
IT
This release relates to a proposed transaction between Latch and
TSIA. This release does not constitute an offer to sell or
exchange, or the solicitation of an offer to buy or exchange, any
securities, nor shall there be any sale of securities in any
jurisdiction in which such offer, sale or exchange would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. In connection with the
proposed transaction, TSIA filed a registration statement on Form
S-4 with the SEC on March 10, 2021, which included a proxy
statement of TSIA and a prospectus of TSIA. TSIA also will file
other documents regarding the proposed transaction with the SEC.
Before making any voting decision, investors and security holders
of TSIA are urged to read the registration statement, the proxy
statement/prospectus and all other relevant documents filed or that
will be filed with the SEC in connection with the proposed
transaction as they become available because they will contain
important information about the proposed transaction.
Investors and security holders may obtain free copies of the
proxy statement/prospectus and all other relevant documents filed
or that will be filed with the SEC by TSIA through the website
maintained by the SEC at www.sec.gov In addition, the documents
filed by TSIA may be obtained free of charge from TSIA’s website at
www.TSIAcorp.com or by written request to TSIA at TS Innovation
Acquisitions Corp., 45 Rockefeller Plaza, 7th Floor, New York, NY
10111.
PARTICIPANTS IN SOLICITATION
TSIA and Latch and their respective directors and executive
officers may be deemed to be participants in the solicitation of
proxies from TSIA’s stockholders in connection with the proposed
transaction. Additional information regarding the interests of
those persons and other persons who may be deemed participants in
the proposed transaction may be obtained by reading the proxy
statement/prospectus regarding the proposed transaction. You may
obtain a free copy of these documents as described in the preceding
paragraph.
FORWARD-LOOKING STATEMENTS
LEGEND
This release contains certain forward-looking statements within
the meaning of the federal securities laws with respect to the
proposed transaction between Latch, Inc. (“Latch”) and TS
Innovation Acquisitions Corp. (“TSIA”), including statements
regarding the benefits of the transaction, the anticipated timing
of the transaction, the services offered by Latch and the markets
in which it operates, and Latch’s projected future results. These
forward-looking statements generally are identified by the words
“believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,”
“strategy,” “future,” “opportunity,” “plan,” “may,” “should,”
“will,” “would,” “will be,” “will continue,” “will likely result,”
and similar expressions. Forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties. Many factors could
cause actual future events to differ materially from the
forward-looking statements in this release, including but not
limited to: (i) the risk that the transaction, including the
contemporaneous private placement of equity securities (the “PIPE
investment”), may not be completed in a timely manner or at all,
which may adversely affect the price of TSIA’s securities, (ii) the
risk that the transaction may not be completed by TSIA’s business
combination deadline and the potential failure to obtain an
extension of the business combination deadline if sought by TSIA,
(iii) the failure to satisfy the conditions to the consummation of
the transaction, including the adoption of the agreement and plan
of merger by the stockholders of TSIA and Latch, the satisfaction
of the minimum trust account amount following redemptions by TSIA’s
public stockholders and the receipt of certain governmental and
regulatory approvals, (iv) the lack of a third party valuation in
determining whether or not to pursue the proposed transaction, (v)
the occurrence of any event, change or other circumstance that
could give rise to the termination of the agreement and plan of
merger or the termination of any PIPE investor’s subscription
agreement, (vi) the effect of the announcement or pendency of the
transaction on Latch’s business relationships, performance, and
business generally, (vii) risks that the proposed transaction
disrupts current plans of Latch or diverts management’s attention
from Latch’s ongoing business operations and potential difficulties
in Latch employee retention as a result of the proposed
transaction, (viii) the outcome of any legal proceedings that may
be instituted against Latch, TSIA or their respective directors or
officers related to the agreement and plan of merger or the
proposed transaction, (ix) the amount of the costs, fees, expenses
and other charges related to the proposed transaction and PIPE
investment, (x) the ability to maintain the listing of TSIA’s
securities on the Nasdaq Capital Market (“Nasdaq”), (xi) the price
of TSIA’s securities may be volatile due to a variety of factors,
including changes in the competitive and highly regulated
industries in which Latch plans to operate, variations in
performance across competitors, changes in laws and regulations
affecting Latch’s business and changes in the combined capital
structure, (xii) the ability to implement business plans,
forecasts, and other expectations after the completion of the
proposed transaction, and identify and realize additional
opportunities, including the conversion of pre-orders into binding
orders, (xiii) the amount of redemption requests made by TSIA’s
public stockholders, (xiv) the ability of TSIA to issue equity or
equity-linked securities in connection with the transaction or in
the future, (xv) possible variances between the unaudited
historical financial information Latch presents and its audited
financial statements, when they become available and (xvi) the
impact of the global COVID-19 pandemic on any of the foregoing. The
foregoing list of factors is not exhaustive. You should carefully
consider the foregoing factors and the other risks and
uncertainties described in the “Risk Factors” section of TSIA’s
Registration Statement on Form S-1, the registration statement on
Form S-4 and proxy statement/prospectus described below and other
documents filed by TSIA from time to time with the U.S. Securities
and Exchange Commission (the “SEC”). These filings identify and
address other important risks and uncertainties that could cause
actual events and results to differ materially from those contained
in the forward-looking statements. Forward-looking statements speak
only as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and Latch and TSIA
assume no obligation and do not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. Neither Latch nor TSIA gives any
assurance that either Latch or TSIA will achieve its expectations.
The inclusion of any statement in this communication does not
constitute an admission by Latch or TSIA or any other person that
the events or circumstances described in such statement are
material.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210427005652/en/
Latch Investors investors@latch.com
Media Daniel Teweles press@latch.com TS Innovation Acquisitions
Corp Bud Perrone bperrone@rubenstein.com
TS Innovation Acquisition (NASDAQ:TSIAU)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
TS Innovation Acquisition (NASDAQ:TSIAU)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024