Siminoff Set for Latch CEO Role

Siminoff Set for Latch CEO Role

Jamie Siminoff, founder of residential security company Ring LLC, is selling his newest startup, home services management platform Honest Day’s Work Inc. The Pacific Palisades-based company, which was launched last year, has been acquired by Latch Inc. in an acquisition expected to close in the third quarter of this year. The deal’s value has not been disclosed.

As part of the deal, Siminoff will take over as Latch’s chief executive later this year. 

Latch is a middleware operating platform that specializes in keyless smart lock systems for residential properties. It owns LatchOS, an enterprise software as a service platform for building management. Latch’s chief executive, chief accounting officer and interim chief financial officer all stepped down in January, following the layoff of 30% of Latch’s team in May 2022. 

Siminoff will step into the leadership role after having sold Santa Monica-based Ring to Amazon in 2018 for more than $1 billion. Since that sale, he has been investing in residential real estate.

“I look forward to combining Honest Day’s Work with Latch to build a residential ecosystem that empowers building owners, operators, service providers, and residents alike,” Siminoff said in a statement.

Honest Day’s Work offers tools to home service providers, such as housekeepers, drivers and dog walkers, in order for them to operate more efficiently and profitably. These services include client management, service scheduling and payment management. The startup will be integrated into LatchOS’s existing platform. About 30 HDW employees will join Latch’s team in the merger. HDW declined to comment on whether there would be any layoffs. Latch will fully acquire the startup’s stock in exchange for about 29 million shares of Latch’s stock. 

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