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Software Firm Brivo Nears SPAC Deal With Crown PropTech

(Bloomberg) -- Brivo Inc., a maker of security software for buildings, is in advanced discussions to merge with blank-check company Crown PropTech Acquisitions, according to people familiar with the matter.Most Read from BloombergWhy Hong Kong Is Building Apartments the Size of Parking SpacesWhere Did All the Public Bathrooms Go?Do Prisons Deserve a Second Chance?COP26 Protests: Inflatable Cows, Megaphones and a RainbowThe Rising Pacific Forces a Native Village to Move. Who Will Pay?A deal would Read More...

(Bloomberg) — Brivo Inc., a maker of security software for buildings, is in advanced discussions to merge with blank-check company Crown PropTech Acquisitions, according to people familiar with the matter.

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A deal would value the combined entity at around $800 million including debt, the people said, asking not to be identified because the matter is private.

Representatives for Brivo and Crown PropTech declined to comment.

Founded in 1999, Bethesda, Maryland-based Brivo sells security technology and services including access control and video surveillance to property owners. Its cloud-based system is used to safeguard enterprises, residential buildings and properties such as vacation rentals.

It counts Amazon.com Inc.’s Whole Foods, Salesforce.com Inc. and fitness center Solidcore among its customers, Brivo’s website showed.

Brivo was acquired by former Barracuda Networks Inc. chief executive officer Dean Drako in 2015 for $50 million, according to a statement at the time.

Crown PropTech, a special purpose acquisition company, raised $276 million in February, according to a statement. It’s an affiliate of New York-based real estate holding company Crown Acquisitions Inc., its website showed.

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