Jamie Siminoff has been busy. The Ring founder quietly exited the advisor position he took again in March after exiting the model’s CEO position. He had been at Amazon since its 2018 acquisition of the agency. Turns out he’s bought one more startup — this time one you’ve by no means heard of. The clunkily named Honest Day’s Work (HDW) has been acquired by Latch, finest recognized for its proptech good lock and corresponding working system.
As a part of the deal, Siminoff will be moving into Latch’s CEO position later this yr, changing the interim chief exec, Jason Keyes. Siminoff joins Latch throughout a tough transitionary interval. Almost precisely a yr in the past, the company introduced that it had minimize a complete of 130 individuals — round 28% of its full-time roles.
In a letter to Latch employees, then-CEO Luke Schoenfelder defined that the layoffs have been carried out to “ensure Latch is on a path to sustainable growth.” This January, Schoenfelder stepped down, together with chief monetary officer Barry Schaeffer and chief accounting officer Junji Nakamura.
“From co-founding Latch at my kitchen table to leading it to its current scale, I am enormously proud of the products we’ve delivered for customers” Schoenfelder mentioned at the time, “and I am excited to continue to support Latch’s new leadership team as a proud stockholder and advisor going forward.”
Siminoff’s HDW is a platform focusing on “residential service offers, together with drivers, canine walkers and housekeepers. It’s straightforward to see the way it is perhaps applied into Latch’s broader providing, which intends to be a sort of one-stop store for constructing administration.
“I’m excited to join the Latch team, which has built an incredible offering that users across the country enjoy and benefit from every day,” Siminoff mentioned in a launch. “Smart, secure access control is not only fundamental to real estate operators like myself, but also to residents and service providers. I look forward to combining Honest Day’s Work with Latch to build a residential ecosystem that empowers building owners, operators, service providers, and residents alike.”
Per the particulars of the deal, Latch is buying 100% of HDW’s capital inventory for 29 million of its personal. The company says HDW’s 30 member group will be a part of its personal workforce. It expects the deal to be accomplished in Q3 of this yr, pending all of the customary regulatory scrutiny.