Brivo SPAC: How to buy this smart building company’s BRVS stock?

Brivo Inc, an American smart building technology company, is all set to get a public listing on the stock markets by combining its business with a special purpose acquisition firm.

The Bethesda, Maryland-based enterprise said on Wednesday, November 10, that it is set to merge with a blank check company named Crown PropTech Acquisitions (NYSE:CPT, CPT:US).

Let us take a closer at Brivo’s listing plans.

Also read: TradeStation SPAC: When & where to buy the fintech player's TRDE stock?

Brivo Inc listing details

Founded in 1999, Brivo is engaged in the business of cloud-based access control and has helped transform the security industry. It has also been involved in cloud-based hardware and software services since 2002.

Presently, Brivo develops and markets Software-as-a-Service (SaaS)-focused solutions that aim at supporting enterprises and property owners with access control and smart building innovations via its 1,500-plus channel partners.

Brivo SPAC: How to buy this smart building company’s BRVS stock?

As per its latest statement, its merger deal with the special purpose acquisition company (SPAC) has brought Brivo’s valuation at US$ 808 million.

If and when the deal is complete, which Brivo expects to happen in early 2022, the merged entity with function under the smart building tech firm’s name and with its founder and CEO, Steve Van Till, in the lead.

Brivo also expects to beginning trading on the New York Stock Exchange (NYSE) after the transaction goes through, under the ticker of ‘BRVS’.

As for the SPAC, Crown PropTech, it is said to have raked in a funding of about US$ 276 million through its initial public offering (IPO) in February this year.

Golub Capital Credit Opportunities, a direct lending and credit asset management company, is set to head a private investment in public equity (PIPE) financing worth about US$ 75 million convertible notes for the deal.

Eagle Eye Networks, a cloud-based video surveillance solutions provider, is also said to be a strategic partner in the PIPE.

Brivo’s present shareholders, the company said, would be rolling over all of their equity and preserving 69 per cent ownership in the new entity. Considering there are no redemptions, the SPAC’s shareholders are set to hold about 31 per cent of it.

In the wake of the announcement of about merger with Brivo, Crown PropTech’s stock price rose by 1.12 per cent to US$ 9.89 apiece on Thursday.

Also read: McLaren IPO: When is the race car manufacturing company going public?

Bottom line

Brivo claims to be the biggest access control system across the globe, catering to a user base of over 44,500 accounts across 42 countries. Its clientele is said to include big names like Greystar Real Estate Partners, supermarket chain Whole Foods, Japanese telecom player Nippon Telegraph and Telephone Corporation, etc.

Being a significant player in the ever-growing cloud-based technology and security industries, Brivo Inc is likely to draw in investor interest with its public listing. Nonetheless, investors should delve deep into a company’s profile and track record before parking any funds.