Latch Announces New Simplified Subscription Bundles

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05/24/2023 - 09:00 AM

With three tiers starting at $3 per space per month, Latch’s new packages create a simplified offering for users large to small.

NEW YORK--(BUSINESS WIRE)-- Latch, Inc. (NASDAQ: LTCH), maker of LatchOS, the full-building enterprise software-as-a-service (SaaS) platform, today announced a new, simplified pricing structure to enable a variety of building owners to select the best option for partnering with Latch to meet the needs of their tenants and building operators.

Latch announced a new, simplified pricing structure to enable a variety of building owners to select the best option for partnering with Latch to meet the needs of their tenants and building operators. (Photo: Business Wire)

The new bundles include three tiers based on property type and service level, starting with an entry-level offering that enables common area-only access for an enhanced tenant experience, all the way to an enterprise bundle providing a full-building solution. New a la carte options are also available for property owners looking to customize or create a bespoke experience based on their priorities and preferred resident experience.

“I’m excited by Latch's announcement of these new, simplified bundles that should make it easier for customers to deliver the best resident experience by being a Latch-enabled property,” said Jamie Siminoff, Latch’s incoming CEO. “Latch's mission is to make spaces better places to live, work, and visit. Simplifying pricing and decreasing the friction for buildings to convert to Latch spaces further aligns the company with this mission. Today's announcement is part of the innovative offerings our customers should expect to see as I prepare to take over as Latch’s CEO later this year.”

New Latch Bundles

Base ($3.00 per space per month): An affordable base-building and common area smart access solution with basic property management capabilities.
Complete ($7.50 per space per month): A full-building smart access and property management solution with robust data, insights, and analytics.
Enterprise ($12.50 per space per month): The complete full-building Latch ecosystem solution with integrations, SDKs, and premium success and support.

To learn more about Latch’s new bundles and to partner with Latch, visit www.latch.com/bundles 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 future products, 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 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.