Latch Completes Acquisition of Honest Day’s Work

Latch, Inc. (NASDAQ: LTCH) today announced that it has completed the previously announced acquisition of Honest Day’s Work (“HDW”), Ring founder Jamie Siminoff’s latest company dedicated to enabling residential service providers, such as housekeepers, dog walkers, and drivers, to operate more efficiently, profitably, and independently through technology.

Latch acquired 100% of the capital stock of HDW 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 $22.0 million aggregate principal amount of unsecured promissory notes. Upon the closing of the acquisition, Latch acquired all of HDW’s assets, including its intellectual property and $8.0 million in cash. Additionally, approximately 30 HDW team members joined Latch.

The acquisition integrates the two companies’ teams, resources, and know-how to advance Latch’s mission of making spaces better places to live, work, and visit, while further advancing HDW’s capabilities. Jamie Siminoff is expected to take over as Latch’s CEO later this year. The combined company plans to remain focused in the near term on optimizing efficiency and ensuring continued excellence for customers.

Jason Keyes, Latch Interim CEO, said: “We are pleased to officially have Jamie and his team on board as we continue to focus on delivering for our customers and building steady growth and momentum for the business. I am excited about opportunities to enhance Latch with HDW’s services to further improve our user experience and deliver new features that make customers’ and users’ lives easier.”

Siminoff said: “With the completion of the acquisition, I am excited to get to work on combining Latch and HDW to build a disciplined, efficient, and truly innovative business. By combining access control with HDW’s mission, there is huge opportunity to improve the lives of residents, building managers, and service providers alike.”

About Latch, Inc.

Latch makes spaces better places to live, work, and visit through a system of software, devices, and services. For more information, please visit www.latch.com.

About Honest Day’s Work

Honest Day’s Work is on a mission to enable independence through technology for residential service providers, such as housekeepers, dog walkers, electricians, and drivers. The company aims to provide workers with more control over their businesses and enable them to deliver high-quality service to their customers. HDW was founded by Jamie Siminoff, founder of Ring.