Brivo Terminates Merger With SPAC Crown PropTech

WASHINGTON D.C. — Brivo has informed Crown PropTech it will not move forward with its proposed merger, according to an SEC filing from Aug. 10.

Per terms of the merger agreement, either party could terminate the deal if it had not been consummated by Aug. 9.

Brivo and Crown PropTech, a publicly traded special purpose acquisition company, announced last November they had entered into a definitive merger agreement that would result in Brivo becoming a publicly listed company.

The transaction valued the company at a pro forma enterprise value of $808 million, and would have resulted in Brivo being listed under the ticker symbol “BRVS.”

According to the SEC filing, Crown Proptech believes Brivo breached certain terms of their combination agreement prior to the termination. It also states that an affiliate of Brivo Chairman Dean Drako breached a stockholder support agreement related to the proposed merger.

However, Brivo says the deal fell apart after Crown PropTech could no longer meet the minimum cash condition of the deal.

“What really happened is that Crown wanted to renegotiate the terms from what we had agreed in our BCA last November. Then they were not able to reach agreement with their primary financing source to extend, which meant that they couldn’t meet the minimum cash condition of the deal,” Brivo CEO Steve Van Till tells SSI. “Upon expiration of the agreement, we had no choice but to walk away. We do not believe we breached any of the terms of the BCA and will vigorously defend, enforce our rights and consider other options.”

The proptech market has seen increased interest, especially in the security industry, over the last two years. During the Brivo and Eagle Eye Networks Cloud Security Summit last year, Van Till noted that $100 billion dollars has been invested in the area since 2016, and 2021 was on pace for $20 billion.

He added, “The denominator across everything that’s happening in Proptech right now is that there is value in connecting your real estate, your property and building, your home, your work to the Cloud. It might have to do with buying it or selling it, it might have to do with keeping the environment under control, might have to do with security and protection, might have to do with any of those things, but the common thread is there’s value in connecting your building to the Cloud. So we can thank the investors for putting this hundred billion in motion over the last five years for repeating and amplifying something that we already knew.”

The dissolution of the Brivo-Crown Proptech deal comes during a time where SPACs are beginning to face a reckoning, not to mention the countless other challenges that most businesses are facing in the current world climate.

“It’s a challenging time to operate with this kind of investment. There is so much opportunity, but things take time; labor and supply chain issues continue to really challenge every industry,” Parks Associates President Elizabeth Parks shares with SSI. “Parks Associates research shows that a third of multifamily residents are willing to pay an additional 15% per month in rent for smart amenities — so the market is here, but there is a lot of work to do to get the infrastructure in place, the selling, and then the installation to enable all of this technology to get these smart amenities in place.”

The post Brivo Terminates Merger With SPAC Crown PropTech appeared first on Security Sales & Integration.



from News Archives - Security Sales & Integration https://www.securitysales.com/business/brivo-terminates-merger-spac-crown-proptech/
via IFTTT

Comments

Post a Comment

Popular posts from this blog

Total Tech Summit Puts Call Out for Top Integrators to Apply Now

Image
FRAMINGHAM, Mass. — Total Tech Summit announces that applications are now being accepted to attend this year’s event. Comprised of the  SSI Summit, CE Pro Summit and Commercial Integrator Summit, this year’s event will take place in Las Vegas at the MGM Grand Hotel and Casino, Nov. 13-15. At this all-expense-paid, exclusive event, VIP guests will have the chance to sit in on industry-defining sessions, key boardroom presentations, and be able to meet one-on-one with potential vendors. Total Tech Summit brings together the best in class to share ideas, learn from others, and most importantly, accelerating the next stage of their businesses. It is the only event of its kind that bridges channels and connections by bringing together professional security, commercial AV and residential AV integrators. Another perk of the Total Tech Summit is the VIP Peer-to-Peer groups. These group conversations take place throughout the months leading up to the event and are guided by the editors of t
Read more

Evolv Technology, Pittsburgh Pirates Team Up for Fan-Friendly Ballpark Security

Image
WALTHAM, Mass.—Evolv Technology has announced its partnership with Major League Baseball’s Pittsburgh Pirates, adding to the growing list of Pittsburgh, Pa. venues that have teamed up with Evolv to help keep people safe, including the Pittsburgh Cultural Trust and Acrisure Stadium, home of the Pittsburgh Steelers. When the Pirates opened the gates at PNC Park for the 2023 MLB season in early April, all attending fans passed through Evolv’s state-of-the-art Evolv Express screening solution, which uses sensor technology with artificial intelligence (AI) to provide safer, more accurate threat detection at unprecedented volume and speed, the company states. Fans can now walk through without always having to stop or open bags, reducing long lines and allowing guests to make their way directly into the ballpark. “What continues to make PNC Park so special, aside from the physical design, is the total fan experience. That begins from the moment they walk up to our gates,” said Travis Willi
Read more

Minnesota AG Calls for Cancellation of Home Security Contracts for Alleged Fraud

STEARNS COUNTY, Minn. — Bring Me the News reports that Minnesota’s Attorney General, Keith Ellison, says he’s gotten consumers in Stearns County out of home security contracts after they were misled by a door-to-door salesman. According to the report, Ellison’s office announced that home security companies Skyline Security Management and Safe Home Security have agreed to their cancel contracts with customers in and around Stearns County who purchased their systems from door-to-door salesman Gary Harvey. “Door-to-door salesmen and their employers are in the business of trust-building,” Ellison said in a statement. “They know they need to have your trust to sell you their products, particularly expensive products like security systems that are supposed to keep your home safe. When that trust is betrayed, it’s emotionally and financially painful. I appreciate Skyline and Safe Home taking the right step in canceling these contracts while my office does what we can under the law to hold M
Read more