ADT Acquires IOTAS, Multifamily Latch Competitor

By John Honovich, Published Jun 15, 2022, 09:33am EDT (Info+)

ADT is expanding into the multifamily access control market, made famous by Latch's troubles, with an acquisition of a Portland provider, IOTAS.

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Inside this note, we examine the deal, including the best and worst-case scenarios we see for ADT expanding into this market.

IOTAS **********

***** (** ******* *** *** ** a *******) *** ******* ** ****, has ****** ~$** ******* ** ***** (last ***** ~* ***** ***), *** shows ~** ********* ** ********. *** company *** ******* ** ********** ******** and * *** ** ********* ***** apartment ********** ******* ** ******* *********** operators (*** *** *** ******-**-******** *****). The ***** ** ******* ** ******** traded ****** ***** *** *********.

Struggled ** *****

** ******* **** ***** *** ********* to *****. *** *******, *** *******'* headcount ** **** ** **** **** the **** * *****:

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**** *********** ******** ** ***************** ******** ** *** **** ****.

****, ******** **** *** ***** ********* ****** * *****, ******** * ***** ***** *******, **** ** ******* announcements.

** ****, *** ******* ********* $***+ million ***** ******* ** ****:

** ******* ****,*** *******'* *** ************* ********* ** ******* *********:

** ***** **** ** ** ******* a *** ********* ****** ** ** that [****] *********. ******* ** **** really ****** ******* *******. *** ** we ***** ** ***** ** ****** far ****** ** ****** ** **** for * **** **** ******.

ADT ***********

***** ************* *** **** ******** ** ***, noting **** "** ** ***** ************ uncertain ***** *** **** ****** ******** is ** **** ** * ********, adaptable *******", *.*., ***** *** ***.

** ******* **** * ******** ** funding, ***** ********** ** ******* *************, and *** ********** ** * ****** company ***** **** **** ** ******.

*** *******'* ***** ********* ***** ***** their ***** ********* *********** ***'* **** and ***** **** *********** **** *** security **********:

Revenue *** *********** *****

*** *** *** **** ***** * press ******* ** ***** ** ** disclosed *********** (******** *** *********** ******** ****).

** ******** **** ***** ******* *** low (*** ******-***** ********) ** **** as *** *********** ***** (~$** *******), given *** ******* ***** ***** *** various ********* ***** *****.

Best-Case ******** *** / *****

**** ***** ****. *** ***** ***** some ******** *********** **** ***** ***, specifically ***'* ***** *** ***** ************ could **** ***** ***** **** *** hard *** *******, ******* *********, ********** with *** ****** ************* / ****** for *********** *******. ** ***** *** very ********* *******, ******* ** ***** organizations ** ******* *** ****-*********.

*** *** **** ***** *** ***** deals **** ***** ******* ***** ** revenue *** ** * *********** **** of ***'* *********** ********.

***** ***** ****** **** ****** $** to $*** ******* ** **** ******* this **** ** ******* **** ***, best-case ********, *** ******* ** ******* of *** ******* ***** / ****.

Worst-Case ******** *** / *****

*** *** ******* ***** ** *** are (*) *** ********* ** **** to *** *** (*) *** **** can *** *** * ******** *********** business.

**** *** ***** *** **** ** bothered ** ***** * ***** ******* is *** * **** **** ** how ********* *** ********** ***** **** deal. ** ********, **** *****, ********* * ***** ******* ***** ********** ***** ******** **********.

**** *******, *** ** ** ** many ********** ***, *.*., **** ************ ******** * ***** *******. *** **** ********* *** **** prioritization **** *** ******* *****? **** IOTAS's ****, **** **** ******** **** are ****** ********* ** ****** ****** ADT *** **** *** ** ********?

********, *** ************ *** **** **** at ********** ******** (*.*., ** ***** in*** *** ******* ** *** ********** Suit, ******* ***** / *****.*** ******). **** ***** *** **** **** ADT *** ****** ***** *********** **** inside ** ************ **** ** ********* installation *** ******* *******?

Latch ******

********* ** *** *** ******** **** IOTAS, **** ***** ******* ******* ********* for *****, ** ** ***** **** Latch ***** * *****, ****-*********** **********. Latch ******* ** ********** ** ******* with ********* (*** **** ***************** *** ***** ********** ********)

*******

**** ** **** ***** * **** for *** ** **** ********** **** become "*****" ********** ** *** **** decade ** ** ** * ******** enough ****** *** *** ** *******. Whether *** *** ** **** ******* to ** ****.

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