Latch Announces First Building-Wide Installation of ‘Works with Latch’ Marks USA Locks

Rhea-AI Summary

Latch, Inc. announces the completion of the first installation of Latch-powered Marks USA ArchiTech Series Networx Locks at Meridia Village Commons in South Orange, NJ. Residents will benefit from Latch's smart access and concierge capabilities, delivering a seamless experience.

Positive

• Latch's integration with Marks USA locks should streamline installations and expand Latch's footprint in new market segments.
• Residents will have access to flexible unlock methods such as iOS or Android devices, keycards, or door codes.

Negative

• No negative takes found.

Meridia Village Commons residents in South Orange, NJ will benefit from the seamless entry experience via LatchOS, Latch Lens, and Marks’ proven, secure hardware.

NEW YORK & SOUTH ORANGE, N.J.--(BUSINESS WIRE)-- Latch, Inc. (NASDAQ: LTCH), maker of LatchOS, the full-building enterprise software-as-a-service (SaaS) platform, today announced the completion of the first installation of Latch-powered Marks USA ArchiTech Series Networx Locks at Meridia Living’s Meridia Village Commons in South Orange, NJ. Residents of the new construction building of 106 units will benefit from Latch’s full-building smart access, flexible unlock methods, and concierge capabilities, delivering a seamless resident and property management experience.

“This first installation with Marks USA is a milestone in accelerating Latch’s vision to make it easier for customers to deliver the best resident experience,” said Jamie Siminoff, Latch’s incoming CEO. “Marks USA locks integrated with Latch’s technology should streamline new and retrofit installations moving forward and help expand Latch’s footprint in new market segments. This installation serves as a proof of concept for similar opportunities in the future.”

This integration merges Latch’s app experience and Latch Lens with a vast array of customizable architectural door hardware from Marks USA, a division of NAPCO Security Technologies. The Latch app enables authorized users and residents to unlock the door in whatever manner they choose, such as with an iOS or Android device, Apple Watch, keycard, or door code, for unparalleled convenience and flexibility.

“Working with Latch, we are able to deliver a modern, elevated access control experience to our customers and their end users, aesthetically matching Marks door locks inside and outside the building,” said Stephen Spinelli, SVP of Sales at NAPCO. “We are thrilled to complete our first installation together and look forward to bringing this more fluid user experience to more spaces and residents, teaming the considerable strengths of Latch’s access control and property management technology with Marks USA Custom Locking.”

Meridia Living, along with Latch’s installation partner Protection Technologies, helped make this project possible. In addition to managing the installation process, Protection Technologies was instrumental in the design, servicing, and support for this project.

“Delivering the best possible living experience is always our primary goal,” said Brian J. Pfistner, CCIM, Chief Asset Officer at Meridia Living. “By partnering with Latch and Marks USA on this project, we were able to do just that, offering the latest technology and increased flexibility to suit the needs and lifestyle of each individual resident.”

“We are honored to support Latch and Marks USA on this installation to provide high-quality, reliable access control to the residents of Meridia Village Commons,” said Mike Singer, President at Protection Technologies. “We look forward to continuing our relationship with Latch to help provide a superior living and property management experience to more developments in the future.”

To learn more about Latch or to partner with Latch, visit www.latch.com or email incoming CEO Jamie Siminoff directly at j@latch.com.

About Latch, Inc.

Latch makes spaces better places to live, work, and visit through a system of software, devices, and services. For more information, please visit www.latch.com.

FORWARD-LOOKING STATEMENTS

This release contains certain forward-looking statements within the meaning of the federal securities laws with respect to Latch and/or Honest Day’s Work, which is expected to merge with Latch in the third quarter of 2023 (the “Merger”). These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "would," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Forward-looking information includes, but is not limited to, statements regarding: Latch’s and Honest Day’s Work’s current and future products, integrations, pricing, financial performance, strategies, and operations, and the related benefits to stockholders, customers, and residents; expected growth of demand for Latch’s and Honest Day’s Work’s current and future products and their adoption by customers; Latch and Honest Day’s Work industry positions; the ability of Latch to successfully integrate Honest Day’s Work post-acquisition and realize the benefits of such acquisition, including the expected performance of the combined company’s management team; and the transition in Latch’s CEO position. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including: (i) whether the Merger is completed in a timely manner or at all; (ii) the risk that the Merger may involve unexpected costs or liabilities; (iii) the effect of the announcement or completion of the Merger on Latch’s and Honest Day’s Work’s operations and relationships with customers, suppliers, and personnel; (iv) the outcome of legal proceedings, if any, related to the Merger; (v) Latch’s ability to implement business plans; (vi) changes and developments in the industry in which Latch competes; (vii) Latch’s ability to regain and maintain compliance with the listing standards of The Nasdaq Stock Market LLC, and the impact of the Merger thereon; and (viii) Latch’s ability to timely complete the ongoing restatement of its consolidated financial statements for 2019, 2020, 2021, and the first quarter of 2022, and the impact of the Merger thereon. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of our Annual Report on Form 10-K filed with the SEC on March 1, 2022, and other documents subsequently filed by Latch from time to time with the Securities and Exchange Commission (the “SEC”). These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Latch assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law, including the securities laws of the United States and the rules and regulations of the SEC. Latch does not give any assurance that it will achieve its expectations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230530005152/en/

Investors:

investors@latch.com



Latch PR:

press@latch.com

Source: Latch, Inc.

FAQ

What is Latch's vision?

Latch's vision is to make it easier for customers to deliver the best resident experience.

What are the benefits for residents at Meridia Village Commons?

Residents will have a seamless access experience and flexible unlock methods.

Who did Latch partner with for this installation?

Latch partnered with Marks USA and Meridia Living for this installation.

What other market segments could Latch expand into?

Latch could expand into new market segments with the integration of Marks USA locks.

How can I learn more about Latch?

You can visit www.latch.com or email incoming CEO Jamie Siminoff directly at j@latch.com.