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Home » Ongoing Happenings » Smart Building Pioneer Brivo to Become Publicly Traded Company Through Merger With Crown PropTech Acquisitions
Smart Building Pioneer Brivo to Become Publicly Traded Company Through Merger With Crown PropTech Acquisitions
The leader in cloud-based access control and smart building technology with end-to-end solutions delivered through SaaS and connected devices

Serves one of the largest, most diversified global customer bases with more than 44,500 enterprise, commercial real estate and multifamily accounts and 23 million active users

Large and growing SaaS- and smart device-based total addressable market (TAM) for products and services currently in excess of $70 billion

Combined company to have an estimated enterprise value of $808 million, positioning it to further capitalize on the smart space market opportunity

Transaction to provide up to $304 million in cash proceeds, including a PIPE totaling $75 million led by Golub Capital Credit Opportunities, with a strategic investment in the PIPE from Eagle Eye Networks

Proceeds will be used to unlock growth by expanding the sales and marketing team, increasing customer acquisition, SaaS service expansion and product development

Expects to generate $417 million in revenue and $290 million in annual recurring revenue in 2025, representing 2021E to 2025E CAGRs of 55% and 70%, respectively

Investor call scheduled for November 10 at 8:00 a.m. ET

BETHESDA, Md. & NEW YORK, November 10, 2021–(BUSINESS WIRE)–Brivo, Inc., the global leader in cloud-based access control and smart building technologies, and Crown PropTech Acquisitions (NYSE:CPTK) (“Crown”), a publicly traded special purpose acquisition company, today announced that they have entered into a definitive merger agreement that will result in Brivo becoming a publicly listed company. The transaction values the company at a pro forma enterprise value of $808 million. Upon closing, the combined company will operate as Brivo, and its Class A common stock is expected to be listed under the ticker symbol “BRVS.” This strategic business combination will enable Brivo to leverage Crown’s experience and relationships as an owner and operator of commercial real estate to accelerate market expansion.

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finance.yahoo.com

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