Brivo Is Going Public Through an $808M SPAC Merger
Bethesda-based Brivo will become a publicly traded company soon. On Wednesday, the smart building tech company announced its intentions to go public through a SPAC merger with Crown PropTech Acquisitions. The deal values Brivo at $808 million and is expected to provide up to $304 million of capital. Upon close, the combined companies will trade under the ticker symbol “BRVS” on the New York Stock Exchange.
While proptech has been booming in recent years, thanks to internet-connected technology infiltrating every industry, Brivo has already been operating in the space for decades.
Founded in 1999, Brivo offers cloud-based solutions for commercial real estate, large distributed enterprises and multi-family residences. Its building security hardware and software help real estate companies manage who has access to their buildings or specific units within the building. Meanwhile, its SaaS platform can help maintain relationships between building management and tenants. This technology is especially useful for the people in charge of large buildings, since the scale of these multi-unit buildings can often make administrative tasks more of a challenge.
“Brivo is unique not only in that we created the category-defining smart spaces platform, but that our products and services are foundational systems within our customers’ buildings, ensuring the safety and security of their tenants, residents and employees,” CEO and founder Steve Van Till said in a statement. “We have more experience executing on a cloud-based access control model and successfully creating innovative smart devices than any other company in the world.”
Today, Brivo has over 44,500 customers, collectively accounting for over 300 million square feet of commercial property and 23 million people using Brivo technology. Some of Brivo’s commercial customers include Greystar, Whole Foods, NTT, DocuSign and Realogy. The scale of Brivo’s business has helped it sustain double-digit annual growth over the past few years. It also projects significant growth in the future, predicting $417 million in revenue and $290 million in ARR in 2025.
By going public, Brivo will get access to a large influx of cash in a relatively short period, which can in turn be used to invest in the company’s future growth. Brivo’s merger with Crown PropTech Acquisitions is expected to close in the first half of 2022.
“We are entering our next phase of growth as a public company supported by favorable secular tailwinds driving a smart spaces revolution, and Brivo is uniquely positioned to continue to capture the growing opportunity as we realize exceptional customer buy-in, continued expansion and high levels of retention,” Van Till added.