Latch Announces Partner Products with Global Access Leaders

Rhea-AI Summary

Latch, Inc. (NASDAQ: LTCH) has announced new partnerships with Marks USA, TownSteel, and plans to partner with dormakaba. These alliances aim to enhance their LatchOS platform, expanding its reach to residents, property managers, and guests. Key offerings will include the new Latch Lens integration with Marks’ locks, an interconnect lock solution with TownSteel, and a connection with dormakaba’s devices to broaden geographic access. The partnerships are seen as pivotal for Latch's growth in new market segments and lock formats, addressing rising demand and improving user experience.

Positive

• New partnerships with Marks USA and TownSteel expected to expand Latch's market presence.
• LatchOS integration with Marks' and TownSteel's products will enhance user experience and drive adoption.
• Geographic expansion anticipated through dormakaba partnership, targeting new customers in Europe.

Negative

• None.

Company announces new relationships with Marks USA, TownSteel, and dormakaba

NEW YORK, Nov. 16, 2021 (GLOBE NEWSWIRE) -- Latch, Inc. (NASDAQ: LTCH), maker of LatchOS, the full-building enterprise software-as-a-service (SaaS) platform, today announced new partnerships with Marks USA, a division of NAPCO Security Technologies (NASDAQ: NSSC), and TownSteel, Inc., along with an intended partnership with dormakaba Holding AG (SWX: DOKA). The powerful combination of these partnerships should bring LatchOS to even more residents, property managers, and guests, and help accelerate Latch’s growth across new market segments, lock formats, and verticals.

“From the beginning, our vision for Latch has been much broader than access. Our value is in delivering holistic, open solutions that drive user engagement and transform the way people experience the spaces where they live, work, and visit,” said Luke Schoenfelder, Latch Co-Founder, CEO, and Chairman of the Board of Directors. “As we continue to scale our business, we are excited to bring the power of LatchOS to even more spaces, doors, and people around the world. We are thrilled to partner with these industry leaders to help us accelerate our path forward and meet the rapidly growing market demand for LatchOS.”

The offerings with Marks, TownSteel, and dormakaba are expected to be the first access-based partner offerings in Latch’s growing ecosystem of integrated first- and third-party devices, software, and services.

Initial offerings are expected to focus on:

• Growing new market segments: Marks and Latch plan to launch a new Latch Lens integration with the Marks ArchiTech Series Networx Locks. The widespread adoption of this mortise-style lock will streamline retrofit installations and help expand Latch’s footprint in new market segments.
• Delivering new lock formats: In response to growing customer demand for new lock formats, TownSteel and Latch plan to deliver an interconnect lock powered by the Latch Lens. This solution will be available first with a major national retrofit customer before being rolled out nationally.
• Driving geographic expansion: dormakaba and Latch plan to launch a new integration between dormakaba’s resivo connected access devices and LatchOS to bring the full Latch software experience to new and existing dormakaba customers across Europe.
  

“We are excited to expand the Marks USA product portfolio and offer new LatchOS-enabled locks to deliver an exceptional, connected access experience for all of our customers,” said Richard Soloway, NAPCO Security Technologies Chairman and President. “By combining our industry-leading, quality architectural door access hardware with the power of LatchOS, we can provide a more robust, fluid user experience and enable our customers’ end users to take advantage of the full Latch software suite, from their lobby, to their apartment, to their office, and all the Marks door locks in between.”

“At TownSteel, we are looking forward to our new Interconnected Partnership with Latch. Like Latch, our mission is to never stop thinking of innovative ways to elevate the industry with the most advanced security lock solutions coming to front doors around the world,” said Kevin Hamilton, President of TownSteel. “We are thrilled to be able to expand our product portfolio to offer new LatchOS-enabled locks, delivering an exceptional connected experience for our customers.”

More information on Latch’s partner program can be found here: https://www.latch.com/the-latch-lens-partner-program.

About Latch, Inc.
Latch makes spaces better places to live, work, and visit through a system of software, devices, and services. More than one in ten new apartments in the U.S. are currently being built with Latch products, serving customers in more than 43 states through its flagship full-building operating system, LatchOS. For more information, please visit https://www.latch.com.

FORWARD-LOOKING STATEMENTS

This release contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding adoption of Latch’s technology and products. 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: the Company’s future products, performance, and operations, and the related benefits to shareholders, customers, and residents and the Company’s strategy. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including Latch’s ability to implement business plans and changes and developments in the industry in which Latch competes. 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 Registration Statement on Form S-1 filed with the SEC on June 25, 2021 and other documents filed by Latch from time to time with 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 the Company 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. The Company does not give any assurance that it will achieve its expectations.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a29e7040-a886-42ef-aa3a-207129179503

CONTACTS
Latch

Investors
investors@latch.com

Media
press@latch.com

FAQ

What did Latch announce on November 16, 2021?

Latch announced partnerships with Marks USA, TownSteel, and plans for a partnership with dormakaba to enhance its LatchOS platform.

How will Latch's new partnerships impact its business?

The new partnerships are expected to broaden Latch's access solutions and accelerate its growth in new market segments.

What are the initial offerings planned under Latch's new partnerships?

Initial offerings include Latch Lens integration with Marks' locks and a new interconnect lock solution with TownSteel.

What is LatchOS?

LatchOS is Latch’s full-building enterprise software-as-a-service platform aimed at improving user experiences in various spaces.