Brivo to Go Public: $808M SPAC Deal Announced

Brivo to Become Publicly Traded Through SPAC Merger

Brivo, a leading smart building technology firm, has entered into a definitive agreement to become a publicly listed company. This will be achieved through a special purpose acquisition company (SPAC) merger with Crown PropTech Acquisitions.

Deal Valuation and Timeline

The financial terms of the deal value Brivo at approximately $808 million. Completion of the merger is anticipated in early 2022.

Following the successful closing of the transaction, the resulting entity will continue to operate under the Brivo name. It is projected to trade on the New York Stock Exchange using the ticker symbol “BRVS.”

Leadership and Company Overview

Steve Van Till, the current founder and Chief Executive Officer of Brivo, will retain his leadership position within the combined organization.

Established in 1999, Brivo specializes in providing Software-as-a-Service (SaaS) building access management solutions. These services, alongside their associated connected devices, are marketed to both enterprise clients and property owners.

Industry Trends and Market Position

According to Van Till, the recent surge in proptech investment has significantly accelerated the adoption of cloud-based technologies within the real estate sector over the last five years.

This trend has enabled Brivo to establish itself as a dominant player, claiming to be “the single largest access control system in the world.” The company currently serves over 44,500 customer accounts, managing access across more than 300 million square feet of commercial property spanning 42 countries.

Strategic Considerations for Going Public

Brivo evaluated both a traditional Initial Public Offering (IPO) and a SPAC merger. Van Till explained that following initial exploration of private equity options, numerous SPAC proposals were received.

The SPAC route was ultimately favored due to its potential to provide a greater influx of capital. This funding will support the company’s long-term strategic objectives, including potential mergers and acquisitions (M&A).

M&A Activity and Future Growth

Brivo has already demonstrated its commitment to strategic acquisitions, having completed the purchase of Parakeet, a keyless entry system provider, in March 2020.

Van Till emphasized that increased access to capital and enhanced visibility are key benefits of becoming a public company. He stated that this will be particularly advantageous as Brivo expands its presence in the enterprise market, where it serves other publicly traded companies.

Crown PropTech Acquisitions

Crown PropTech Acquisitions successfully raised $276 million through its IPO in February. The company is spearheaded by Richard Chera, who serves as both Chairman and CEO.

The merger represents a significant step for both organizations, positioning Brivo for continued growth and innovation within the rapidly evolving smart building technology landscape.