Latch acquiring HDW, Ring founder’s latest company

NEW YORK & LOS ANGELES – Latch, Inc. announced that it has entered into a definitive agreement to acquire Honest Day's Work (HDW), the latest company from Ring founder Jamie Siminoff.

HDW is a platform that allows users to easily manage clients and schedule work for residential service providers like housekeepers, dog walkers, and drivers, letting them operate more efficiently, profitably, and independently. This acquisition will integrate both company’s teams, resources, and knowledge which Latch says will advance their mission of making spaces better places to live, work, and visit, while further advancing HDW’s capabilities.

As a result of the acquisition, Siminoff will be assuming the role of Latch’s CEO later this year. “We are pleased to join forces with Jamie and his team as we continue on our current path of driving operational performance and sustainable growth,” Latch Interim CEO Jason Keyes said. “I am confident Jamie’s passion for leading mission-driven technology companies, his operational expertise, and his track record for creating industry-dominating products will be invaluable as Latch enters its next phase. I am excited about the opportunity to further improve our customer experience via the integration of HDW services into LatchOS.”

Siminoff rose to fame as the founder and CEO of Ring (originally Doorbot), before selling the company to Amazon in 2018. Siminoff served as the CEO for Ring until he stepped down on March 22, 2023 to shift his focus to a role as Chief Inventor for the company. “I’m excited to join the Latch team, which has built an incredible offering that users across the country enjoy and benefit from every day,” Siminoff said. “Smart, secure access control is not only fundamental to real estate operators like myself, but also to residents and service providers. I look forward to combining Honest Day’s Work with Latch to build a residential ecosystem that empowers building owners, operators, service providers, and residents alike.”

“We are excited to welcome Jamie and the HDW team,” said Andrew Sugrue of the Latch board of directors. “Latch has gone through many changes over the last year, and we are pleased to have Jamie joining us to guide the company to long-term success and growth. We believe that Jamie’s experience leading successful ventures and his strong leadership will be of huge value as we embark on this next step in Latch’s evolution.”

The transaction is expected to close at the beginning of the third quarter, 2023. Thirty employees from HDW will be joining the Latch Inc. team and Latch will acquire 100% of the capital stock of Honest Day’s Work 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.