Security Software Firm Brivo Harbours Listing Ambitions via SPAC Deal Worth $800M

By Benzinga
Benzinga
Benzinga
November 10, 2021 Updated: November 11, 2021

Security software maker Brivo Inc is getting closer to getting listed via a special purpose acquisition company (SPAC) merger with Crown PropTech Acquisitions, Bloomberg reports.

The deal would value the combined entity at $800 million, including debt.

Brivo sells security technology and services, including access control and video surveillance, to property owners. Its cloud-based system safeguards enterprises, residential buildings, and properties like vacation rentals.

Brivo counts Amazon.com Inc’s  Whole Foods, Salesforce.com Inc, fitness center Solidcore among its customers, the report added.

Former Barracuda Networks Inc CEO Dean Drako acquired Brivo in 2015 for $50 million.

Crown PropTech raised $276 million in February.

Price Action

CPTK shares closed higher by 0.10 percent at $9.90 on Wednesday.

By Anusuya Lahiri 

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Benzinga