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Latch, Inc. (NASDAQ:LTCH) has acquired Honest Day's Work in exchange for approximately 29 million shares and a $22 million aggregate principal amount.
Honest Day's Work is 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.
On May 16, Latch announced its plans to acquire Honest Day's Work for the first time.
Also Read: Latch Discloses $3.1M Exposure To SVB Financial
Upon closing the acquisition, Latch acquired all of HDW's assets, including its intellectual property and $8 million in cash.
Additionally, approximately 30 HDW team members joined Latch.
Jamie Siminoff is expected to become Latch's CEO later this year.
"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," said Jason Keyes, Latch Interim CEO.
Price Action: LTCH shares are trading higher by 0.71% to $1.40 on the last check Monday.
Posted In: LTCH
