Cloud access control (SaaS) manufacturer Brivo will go public via a special acquisition with Crown PropTech in a deal that values the company at $US808 million.
Post-merger the combined company will operate as Brivo, be listed on the New York Stock Exchange, and will be led by founder and CEO, Steve Van Till.
According to Van Till, the SPAC option of public listing yielded the company larger amounts of capital and was the more attractive option compared with IPO.
“The SPAC also gives us more access to capital, and from a customer perspective, more visibility,” Van Till said. “One of the markets we are moving into is the enterprise market, and we are dealing with other public companies as customers. Being a public company will enable them to see us as a peer.”
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