Smart access company, Latch, is expanding its software-as-a-service (SaaS) platform into the office market ahead of its planned IPO.
Already a leader in the residential market, Latch was acquired by Tishman Speyer’s special purpose acquisitions company, TS Innovation Acquisitions Corp. earlier this year.
Now the company says it is taking LatchOS into commercial offices, providing smart access, visitor and delivery management, smart device and sensor control, connectivity, and identity and personalization solutions to meet the needs of modern office spaces.
As flexible working models become the norm, LatchOS will enable in-person, hybrid, and remote organizations to effectively collaborate, come together, and use their office spaces in a way that works better for both employees and building staff.
“We are thrilled to be expanding the Latch ecosystem in the commercial office space, and are proud to empower our partners with the product solutions necessary to provide the best experience for visitors and tenants,” said Luke Schoenfelder, co-founder and CEO, Latch.
“The biggest back to office moment in history is around the corner, and Latch’s products will ensure that office building staff, tenants, and visitors will experience seamless, contactless building entry and visitor management from day one.”
Latch launching the expansion with real estate giants including Tishman Speyer, Empire State Realty Trust and Brookfield.
“We have followed closely Latch’s industry leading guest and visitor management solutions in multifamily, and we are very eager to see how Latch and its access controls and LatchOS can work in our lobby with tenants at the Empire State Building,” said Anthony E. Malkin, chairman, president, and CEO, Empire State Realty Trust, Inc. “We are excited to participate in our pilot with Latch at the World’s Most Famous Building.”
“We are thrilled to expand our partnership with Latch as an investor via Brookfield Technology Partners and an adopter of its residential product in our multifamily portfolio to now piloting Latch’s foray into commercial office,” said Ben Brown, managing partner and Head of U.S. Office, Brookfield Property Group. “We continually look for innovative ways to enhance the tenant experience with the use of technologies such as Latch. As the company expands into commercial office, we can think of no better place to deploy its LatchOS system than in one of our marquee properties, Brookfield Place New York.”
Since its founding in 2014, Latch has become a leader in the multifamily smart access space and is used in over 300,000 apartments across more than 35 states.
Its expansion into the commercial market is expected to further bolster its $1.56 billion IPO valuation.
During an investor presentation earlier this month, the company released preliminary first-quarter financials showing bookings growth accelerated to a range of 86 to 88 percent – nearly double the full-year 2020 rate. With new revenue from contracts with early customers and its entry into the commercial space, sales are expected to rise 140 percent year over year and the company expects it will turn free-cash-flow positive in 2023 on full-year sales of $368 million.