Latch Inc., a smart security firm that last year relocated its headquarters to St. Louis, on Monday announced its acquisition of HelloTech Inc., a service platform that delivers on-demand, last-mile installation, setup and connected device support.
Through a network of 2,500 agents nationwide, Los Angeles-based HelloTech provides in-home and remote installation and tech-support services for devices such as smartphones, Wi-Fi and cable networks, and televisions.
HelloTech’s platform – in tandem with technology from Honest Day’s Work, which Latch acquired in November – will serve as the foundation for Door Services, a platform the company plans to launch next month that will allow users to search for and book local contractors, such as dog walkers and cleaners. Latch, which was founded in 2014, will soon rebrand as Door as previously announced.
Financial terms of the acquisition, which is expected to close in the third quarter, were not disclosed. Officials said that HelloTech will continue to operate as a subsidiary of Latch under the deal’s terms.
Latch said that HelloTech’s services, which are compatible with smart home devices, security systems, Wi-Fi networks and entertainment setups, align with the company’s mission “to simplify access to high-quality service providers for residents and streamline operations for property owners and managers.”
This is similar to the company’s app, which will additionally launch next month and was designed to help residential building operators reduce their operating costs and better manage their facilities, while also streamlining various processes for residents.
“The HelloTech team’s expertise includes servicing residents across the country and also supporting multifamily properties, with over 100,000 residences serviced in the last 12 months,” Latch Chief Executive Jamie Siminoff said in a statement. “As we go forward, HelloTech and HDW’s platforms and know-how will enable us to expand our offerings beyond tech support services to the many services residents are in need of every day.”
In addition to having previously founded HDW, Siminoff was founder and former CEO of home security company Ring, which in 2018 was acquired by Amazon for $1 billion-plus.
Latch said that with the acquisition, Micah Stone, currently chief growth officer for Latch, is being promoted to president of Door Services, comprised of Door Property Management, the James app, future Door Services (including dog walkers, housekeepers, etc.) and HelloTech, when its acquisition closes.
Latch last year relocated its headquarters to St. Louis from New York. In September, the company said it would open its 48,000-square-foot headquarters at 1220 N. Price Road in Olivette. Latch at that time had 16 employees in St. Louis, a figure it has since grown to almost 40, it said earlier this month.
The company in March acquired the property management business of The Broadway Co., a Boston-based real estate investment and management company. It created Door Property Management LLC with the deal, a new entity that will manage a “small portfolio of units” in the Boston metropolitan area.
Latch became a publicly traded company in 2021 through a merger with special purpose acquisition company TS Innovation Acquisition Corp., in a deal that valued Latch at $1.56 billion. Latch traded on the Nasdaq exchange, but it is being delisted by Nasdaq due to its inability to meet filing requirements. Its stock is currently listed on the OTC Expert Market.
