Latch Completes Enterprise Mixture with TS Innovation Acquisitions Corp. to Turn out to be Publicly-Traded Firm

PropTech chief behind full-building enterprise SaaS platform LatchOS will start buying and selling on NASDAQ At present

Latch will report first quarter 2021 monetary outcomes on June 9th

NEW YORK, June 07, 2021 (GLOBE NEWSWIRE) — Latch, Inc. (“Latch” or the “Firm”), maker of the full-building enterprise software-as-a-service (SaaS) platform LatchOS, and TS Innovation Acquisitions Corp. (“TSIA”), a publicly traded particular goal acquisition firm launched by main actual property proprietor, developer, operator, and funding supervisor Tishman Speyer Properties, L.P. (“Tishman Speyer”), at present introduced that on June 4, 2021, the events formally accomplished their beforehand introduced transaction that resulted in Latch changing into a public firm. The transaction was authorized at a particular assembly of the TSIA stockholders on June 3, 2021. Latch’s frequent inventory and warrants will start buying and selling on the Nasdaq International Choose Market at present beneath the ticker symbols “LTCH” and “LTCHW,” respectively.

In reference to the transaction, Latch has acquired roughly $453 million in money proceeds, internet of charges and bills funded at the side of the closing of the enterprise mixture, which incorporates $190 million from a beforehand introduced non-public placement of frequent inventory (the “PIPE”). The proceeds will probably be used to fund initiatives to drive progress, resembling rising the variety of items on its platform, increasing choices to further asset courses, and spreading to new geographies.

“Latch’s long-term mission is to make all kinds of areas higher locations to reside, work, and go to,” mentioned Luke Schoenfelder, Latch Co-Founder, CEO, and Chairman of the Board of Administrators. “As a public firm, we count on to have the capital and strategic sources to ship new merchandise, develop our market share in North America, enter new markets overseas, and increase into new verticals that can profit from our distinctive, full-building working system. We look ahead to executing our strategic targets and driving enhanced worth for our shareholders, prospects, and residents.”

Rob Speyer, President and CEO of Tishman Speyer and member of the Board of Administrators of Latch, mentioned, “We had been drawn to Latch for its confirmed enterprise mannequin, robust management, and distinctive merchandise, which have fully modified the constructing expertise. I look ahead to persevering with my collaboration with Luke and the administration staff, serving to Latch strengthen and develop its place within the {industry}.”

Since asserting the enterprise mixture in January 2021, Latch has efficiently launched a collection of recent merchandise, together with:

  • LatchOS for Industrial Workplace – a doubtlessly high-growth industrial answer that can lengthen good entry, customer and supply administration, good machine and sensor management, connectivity, and id and personalization options to satisfy the wants of recent workplace areas;

  • Latch Customer Categorical – a contactless customer entry system designed to streamline customer entry inside workplace buildings, cut back foyer traces and wait instances, and enormously improve operational efficiencies for constructing workers;

  • The Latch Lens Associate Program – an industry-first partnership program that allows entry machine companions to leverage Latch’s software program and Latch Lens;

  • LatchID – a proprietary identification system that creates a trusted community of customers, throughout areas and units; and

  • Latch C2 – Latch’s latest good entry answer, a cheap machine designed for each retrofits and new building that brings Latch to extra individuals and extra doorways than ever earlier than.

As introduced on March 31, 2021, Latch’s Board of Administrators is comprised of seven administrators, together with: Peter Campbell, Tricia Han, Raju Rishi, J. Allen Smith, Rob Speyer, Luke Schoenfelder, and Andrew Sugrue. Latch’s administration staff will proceed to be led by Schoenfelder, Brian Jones, Chief Know-how Officer and Co-Founder, Ali Hussain, Chief Working Officer, and Garth Mitchell, Chief Monetary Officer.

Goldman Sachs acted as monetary advisor to Latch and as joint placement agent on the PIPE. Latham & Watkins LLP acted as authorized advisor to Latch. Allen & Firm LLC and BofA Securities acted as joint monetary advisors to TSIA and in addition as joint lead placement brokers on the PIPE. Sullivan & Cromwell acted as authorized advisor to TSIA. William Blair & Firm, L.L.C., Robert W. Baird & Co. Integrated, Cantor Fitzgerald & Co., KeyBanc Capital Markets Inc., D.A. Davidson & Co., and The Benchmark Firm, LLC acted as non-exclusive capital markets advisors on the de-SPAC course of.

First Quarter Convention Name and Webcast Data
Latch will host a convention name and reside webcast to debate first quarter 2021 monetary outcomes at 5:00 p.m. Jap Time on Wednesday, June 9, 2021. To entry the convention name, dial (833) 562-0132 for the U.S. or Canada, or (661) 567-1107 for worldwide callers with convention ID: 7510438. The webcast and an archived model will probably be accessible reside on the Investor Relations part of the Firm’s web site at https://www.latch.com/buyers.

About Latch, Inc.
Latch makes areas higher locations to reside, work, and go to by a system of software program, units, and providers. Multiple in ten new flats within the U.S. are at the moment being constructed with Latch merchandise, serving prospects in additional than 35 states by its flagship full-building working system, LatchOS. For extra info, please go to https://www.latch.com.

FORWARD LOOKING STATEMENTS
This launch comprises sure forward-looking statements inside the that means of the federal securities legal guidelines, together with statements relating to anticipated advantages of the enterprise mixture to Latch and adoption of Latch’s expertise and merchandise. These forward-looking statements usually are recognized by the phrases “consider,” “mission,” “count on,” “anticipate,” “estimate,” “intend,” “technique,” “future,” “alternative,” “plan,” “could,” “ought to,” “would,” “will proceed,” “will doubtless consequence,” and comparable expressions. Ahead-looking statements are predictions, projections and different statements about future occasions which can be primarily based on present expectations and assumptions and, because of this, are topic to dangers and uncertainties. Many elements may trigger precise future occasions to vary materially from the forward-looking statements on this doc, together with Latch’s capability to implement enterprise plans after the transaction and adjustments and developments within the {industry} during which Latch competes. The foregoing checklist of things is just not exhaustive. You must rigorously contemplate the foregoing elements and the opposite dangers and uncertainties described within the “Threat Components” part of TSIA’s definitive proxy assertion/prospectus filed with the Securities and Trade Fee (the “SEC”) on Might 12, 2021 and different paperwork filed by Latch now and again with the SEC. These filings establish and deal with different vital dangers and uncertainties that would trigger precise occasions and outcomes to vary materially from these contained within the forward-looking statements. Ahead-looking statements converse solely as of the date they’re made. Readers are cautioned to not put undue reliance on forward-looking statements, and the Firm assumes no obligation to replace or revise these forward-looking statements, whether or not on account of new info, future occasions, or in any other case, besides as required by regulation, together with the securities legal guidelines of the US and the principles and laws of the SEC. The Firm doesn’t give any assurance that it’ll obtain its expectations.

CONTACTS

Latch
‍Buyers
‍buyers@latch.com

Media
Daniel Teweles
press@latch.com

Or
Leigh Parrish / Jed Repko
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

Or
Danny Finlay
Present International
707-372-9050

‍Tishman Speyer
‍Bud Perrone
Rubenstein
212-843-8068

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