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Brivo to go public via SPAC at $808M valuation – TechCrunch


Sensible constructing know-how firm Brivo reached an settlement to go public through 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 Change underneath 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 linked gadgets to enterprise and property house owners.

Van Until informed TechCrunch that the proptech increase has accelerated adoption of cloud-based applied sciences within the business over the previous 5 years. That has pushed the corporate to have the ability to tout itself as “the only largest entry management system on the planet,” working with over 44,5000 buyer accounts throughout over 300 million sq. toes of economic property in 42 international locations.

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 choice yielded the corporate bigger quantities of capital and was the extra engaging choice for what the corporate wished to do within the long-term, 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 provides 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 prospects. 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.



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