Good constructing expertise firm Brivo reached an settlement to go public by way of particular goal acquisition with Crown PropTech Acquisitions. The SPAC deal values Brivo at $808 million.
As soon as the merger closes in early 2022, the mixed firm will function as Brivo and is anticipated to be listed on the New York Inventory Alternate below the ticker image “BRVS.”
Steve Van Until, founder and CEO of Brivo, will lead the mixed firm. Brivo was based in 1999 and sells SaaS constructing entry administration providers and related gadgets to enterprise and property homeowners.
Van Until informed FiratNews that the proptech growth has accelerated adoption of cloud-based applied sciences within the trade over the previous 5 years. That has pushed the corporate to have the ability to tout itself as “the one largest entry management system on this planet,” working with over 44,5000 buyer accounts throughout over 300 million sq. toes of business property in 42 nations.
Brivo had been each SPAC and IPO, and as soon as it was within the personal fairness markets, “the SPAC presents got here rolling in,” Van Until mentioned.
He famous that the SPAC possibility yielded the corporate bigger quantities of capital and was the extra engaging possibility for what the corporate wished to do in the long run, which included M&A alternatives. The corporate has already been dabbling in M&A, having acquired Parakeet, a keyless entry system firm, in March 2020.
“The SPAC additionally offers us extra entry to capital, and from a buyer perspective, extra visibility,” Van Until mentioned. “One of many markets we’re transferring into is the enterprise market, and we’re coping with different public firms as clients. Being a public firm will allow them to see us as a peer.”
The SPAC firm, Crown PropTech Acquisitions, raised $276 million in a February IPO. It’s led by Richard Chera, chairman and CEO.