A special purpose acquisition company launched in late 2020 by Tishman Speyer has announced a merger with smart lock and SaaS company Latch, Inc., in a deal that will allow the building software provider to go public.

The deal brings together Latch and TS Innovation Acquisitions Corp., CRE giant Tishman Speyer Properties LP's special purpose acquisition company, or SPAC. When the deal – which values Latch at $1.56 billion – closes in the second quarter of 2021, Latch expects to have up to $510 million in cash to fund growth initiatives and expansion plans. Tishman will receive an estimated 4% position in Latch valued at approximately $60 million.

Latch offers a multifamily operating system that features smart access, delivery and guest management and smart home and sensors. It has relationships with some of the  largest residential real estate owners including Alliance, Avalon Bay, Greystar, NRP Group, AMLI Residential, Prometheus, RXR Realty and Toll Brothers. Tishman Speyer was an early investor and user of the product and as part of the transaction, Latch will be implemented in much of the company's  extensive real estate holdings—an international portfolio that encompasses nearly 80 million square feet across many asset classes.