Ring's founder will become Latch's CEO after selling a stealth startup to the company
Jamie Siminoff has been busy. The Ring founder quietly exited the advisor role he took back in March after exiting the brand's CEO role. He had been at Amazon since its 2018 acquisition of the firm. Turns out he's sold yet another startup -- this time one you've never heard of. The clunkily named Honest Day's Work (HDW) has been acquired by Latch, best known for its proptech smart lock and corresponding operating system.
As part of the deal, Siminoff will be stepping into Latch's CEO role later this year, replacing the interim chief exec, Jason Keyes. Siminoff joins Latch during a difficult transitionary period. Almost exactly a year ago, the company announced that it had cut a total of 130 people -- around 28% of its full-time roles.
In a letter to Latch staff, then-CEO Luke Schoenfelder explained that the layoffs were carried out to "ensure Latch is on a path to sustainable growth." This January, Schoenfelder stepped down, along with chief financial 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 said 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 targeting "residential service provides, including drivers, dog walkers and housekeepers. It's easy to see how it might be implemented into Latch's broader offering, which intends to be a kind of one-stop shop for building management.
"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 said in a release. "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 details of the deal, Latch is acquiring 100% of HDW's capital stock for 29 million of its own. The company says HDW's 30 member team will join its own workforce. It expects the deal to be completed in Q3 of this year, pending all of the standard regulatory scrutiny.