Amazon-backed SmartRent.com to go public in a US$ 2.2B deal

Amazon-backed home technology solutions provider SmartRent.com announced on Thursday that it will go public through a proposed merger with Fifth Wall Acquisition Corp. I (FWAA), a publicly-traded special purpose acquisition company (SPAC) backed by venture capital firm Fifth Wall, valuing the equity of the combined company at around US$ 2.2 billion. FWAA had raised US$ 345 million through an initial public offering in February.

Terms of the deal: The deal is expected to provide the merged entity with US$ 513 million in gross proceeds, comprising about US$ 155 million from investors including Baron Capital Group, Lennar Corp, Koch Real Estate Investments and Invitation Homes.

J.P. Morgan Securities LLC and Morgan Stanley will act as co-financial advisers to SmartRent. Deutsche Bank Securities and Goldman Sachs will act as capital markets advisors to Fifth Wall Acquisition Corp I.

SmartRent believes that this deal will give them a lead in their mission to be the de facto smart home software and hardware platform for operators of multifamily, residential and commercial assets.

About SmartRent

Founded in 2017 by Lucas Haldeman, SmartRent is an enterprise home automation and IoT platform for the multifamily industry. Its tech products for property owners and homebuilders automate daily operational processes such as parking management, locks and thermostat operation. Its multifamily technology solutions provide a platform to better monitor and protect their assets and create operational efficiencies all while driving ancillary revenue. The company is headquartered in Arizona, US. Some of its customers include Lennar, Invitation Homes and Essex Property Trust Inc.

Products and services:

1Self-Guided Tours: Contactless touring options for prospective residents.

2. Smart Parking: Keeps track of assigned parking spots, configures guest spots and implements a parking enforcement process.

3Access Control: Protects building entry, common areas and amenity spaces using a cloud-based access control system.

4. Smart Apartments and Homes: Provides property owners with one dashboard to remotely manage their entire community portfolio.

What the founder has to say: “With unparalleled insight into the real estate industry’s emerging technology needs, Fifth Wall is the leading proptech investor, and we can’t imagine a better investment partner to help us take SmartRent to the next level. With our introduction to the public market, we plan to accelerate our growth in the multifamily market, expand our reach into global markets, boost our best-in-class product suite and supercharge our M&A strategy.” — Lucas Haldeman, CEO and founder of SmartRent.

*SPACs are publicly listed shell companies that raise funds to take a private company public through a merger at a later date, allowing the private firms to sidestep a traditional IPO to enter public markets. *

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