Brivo (“the Company”)– the global leader in cloud-based access
control and smart building technologies that recently entered into
a definitive merger agreement with Crown PropTech Acquisitions
(NYSE: CPTK) – today announced it expects to outperform its initial
2021 revenue outlook. The Company expects full year 2021 total
revenue to be between $71.6 million to $72.5 million, up from its
prior expectation of $71.6 million.
“We are pleased to be delivering strong results in the fourth
quarter, resulting in expected full year 2021 revenue growth of
more than 25% and exceeding our prior expectations,” said Steve Van
Till, founder and CEO of Brivo. “These results reflect the breadth
of our solutions, which are increasingly important as companies
seek cloud-based solutions to manage their diverse and changing
real estate needs.”
About Brivo Brivo, Inc., created the cloud-based access
control and smart spaces technology category over 20 years ago and
remains the global leader serving commercial real estate,
multifamily residential and large distributed enterprises. The
company’s comprehensive product ecosystem and open API provide
businesses with powerful digital tools to increase security
automation, elevate employee and tenant experience, and improve the
safety of all people and assets in the built environment. Brivo’s
building access platform is now the digital foundation for the
largest collection of customer facilities in the world, occupying
over 300 million square feet across 42 countries. On November 10,
2021, Brivo entered into a definitive merger agreement with Crown
PropTech Acquisitions (NYSE: CPTK) that will result in Brivo
becoming a publicly listed company on the New York Stock Exchange
under the new ticker symbol “BRVS.” Additional information about
the transaction can be viewed here:
www.brivo.com/about/investor-relations. Legal Disclaimer:
https://www.brivo.com/about/investor-relations/legal-disclaimer/.
This press release is provided for informational purposes only
and has been prepared to assist interested parties in making their
own evaluation with respect to a potential business combination
(the “proposed business combination”) between Brivo, Inc. (“Brivo”)
and Crown PropTech Acquisition Corp. (“Crown”) and related
transactions and for no other purpose.
The information presented herein represents our preliminary
estimates based on currently available information, is not a
comprehensive statement of our financial results our operating
performance and is subject to change. We have provided a range for
revenue primarily because our financial closing procedures for the
year ended December 31, 2021 are not yet complete and, as a result,
our final results upon completion of our closing procedures may
vary from the preliminary estimate. These estimates should not be
viewed as a substitute for our full annual financial statements
prepared in accordance with generally accepted accounting
principles in the United States, or GAAP.
Forward Looking Statements This press release includes
“forward-looking statements” within the meaning of the “safe
harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements may be
identified by the use of words such as “estimate,” “plan,”
“project,” “forecast,” “intend,” “will,” “expect,” “anticipate,”
“believe,” “seek,” “target” or other similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. These forward-looking statements
include, but are not limited to, statements regarding estimates and
forecasts of financial and performance metrics, projections of
market opportunity and market share, expectations and timing
related to commercial product launches, potential benefits of the
proposed business combination and the potential success of Brivo's
go-to-market strategy, and expectations related to the terms and
timing of the proposed business combination. These statements are
based on various assumptions, whether or not identified in this
press release, and on the current expectations of Brivo’s and
Crown’s management and are not predictions of actual performance.
These forward-looking statements are provided for illustrative
purposes only and are not intended to serve as, and must not be
relied on by any investor as, a guarantee, an assurance, a
prediction or a definitive statement of fact or probability. Actual
events and circumstances are difficult or impossible to predict and
will differ from assumptions. Many actual events and circumstances
are beyond the control of Brivo and Crown. These forward-looking
statements are subject to a number of risks and uncertainties,
including changes in domestic and foreign business, market,
financial, political and legal conditions; the inability of the
parties to successfully or timely consummate the proposed business
combination, including the risk that any required regulatory
approvals are not obtained, are delayed or are subject to
unanticipated conditions that could adversely affect the combined
company or the expected benefits of the proposed business
combination or that the approval of the shareholders of Crown or
Brivo is not obtained; the lack of third party valuation in
determining whether or not to pursue the proposed business
combination; failure to realize the anticipated benefits of the
proposed business combination; risks relating to the uncertainty of
the projected financial information with respect to Brivo; the risk
that the conditions to the financing for the proposed business
combination may not be satisfied or waived; the effect of the
announcement or pendency of the proposed business combination on
Brivo’s business relationships, performance and business generally;
risks that the proposed business combination disrupts current plans
of Brivo and potential difficulties in Brivo employee retention as
a result of the proposed business combination; the ability to
implement business plans, forecasts and other expectations after
the completion of the proposed business combination, and identify
and realize additional opportunities; Brivo's ability to attract
and retain customers; the combined company's ability to up-sell and
cross-sell to customers, including the success of Brivo’s
customers’ development programs, which will drive future revenues;
the ability of the combined company to compete effectively and its
ability to manage growth; the amount of redemption requests made by
Crown’s public shareholders; the ability of Crown or the combined
company to issue equity or equity-linked securities in connection
with the proposed business combination or in the future; the
outcome of any potential litigation, government and regulatory
proceedings, investigations and inquiries; the risk that the
combined company’s securities will not be approved for listed on
the New York Stock Exchange or if approved, maintain the listing;
and those factors discussed in Crown’s final prospectus dated
February 8, 2021 and Quarterly Report on Form 10-Q for the quarter
ended June 30, 2021, dated August 16, 2021, and, when available,
the preliminary proxy statement/prospectus of Crown related to the
proposed business combination, in each case, under the heading
“Risk Factors,” and other documents of Crown filed, or to be filed,
with the Securities and Exchange Commission (“SEC”). If any of
these risks materialize or our assumptions prove incorrect, actual
results could differ materially from the results implied by these
forward-looking statements. There may be additional risks that
neither Crown nor Brivo presently know or that Crown and Brivo
currently believe are immaterial that could also cause actual
results to differ from those contained in the forward-looking
statements. In addition, forward-looking statements reflect Crown’s
and Brivo’s expectations, plans or forecasts of future events and
views as of the date of this presentation. Crown and Brivo
anticipate that subsequent events and developments will cause
Crown’s and Brivo’s assessments to change. However, while Crown and
Brivo may elect to update these forward-looking statements at some
point in the future, Crown and Brivo specifically disclaim any
obligation to do so. These forward-looking statements should not be
relied upon as representing Crown’s and Brivo’s assessments as of
any date subsequent to the date of this press release. Accordingly,
undue reliance should not be placed upon the forward-looking
statements.
Additional Information About the Proposed Business
Combination and Where To Find It The proposed business
combination will be submitted to shareholders of Crown for their
consideration. Crown intends to file a registration statement on
Form S-4 (the “Registration Statement”) with the SEC which will
include preliminary and definitive proxy statements to be
distributed to Crown’s shareholders in connection with Crown’s
solicitation for proxies for the vote by Crown’s shareholders in
connection with the proposed business combination and other matters
as described in the Registration Statement, as well as the
prospectus relating to the offer of the securities to be issued to
Brivo’s shareholders in connection with the completion of the
proposed business combination. After the Registration Statement has
been filed and declared effective, Crown will mail a definitive
proxy statement and other relevant documents to its shareholders as
of the record date established for voting on the proposed business
combination. Crown's shareholders and other interested persons are
advised to read, once available, the preliminary proxy statement /
prospectus and any amendments thereto and, once available, the
definitive proxy statement / prospectus, in connection with Crown's
solicitation of proxies for its special meeting of shareholders to
be held to approve, among other things, the proposed business
combination, because these documents will contain important
information about Crown, Brivo and the proposed business
combination. Shareholders may also obtain a copy of the preliminary
or definitive proxy statement, once available, as well as other
documents filed with the SEC regarding the proposed business
combination and other documents filed with the SEC by Crown,
without charge, at the SEC's website located at www.sec.gov or by
directing a request to 667 Madison Avenue, 12th Floor, New York, NY
10065, attention: Nikki Sacks.
INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN
APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY
AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS
OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION
CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
Participants in the Solicitation Crown, Brivo and certain
of their respective directors, executive officers and other members
of management, employees and consultants may, under SEC rules, be
deemed to be participants in the solicitations of proxies from
Crown’s shareholders in connection with the proposed business
combination. Information regarding the persons who may, under SEC
rules, be deemed participants in the solicitation of Crown’s
shareholders in connection with the proposed business combination
will be set forth in Crown’s proxy statement / prospectus when it
is filed with the SEC. You can find more information about Crown’s
directors and executive officers in Crown’s final prospectus dated
February 8, 2021 and filed with the SEC on February 10, 2021.
Additional information regarding the participants in the proxy
solicitation and a description of their direct and indirect
interests will be included in the proxy statement / prospectus when
it becomes available. Shareholders, potential investors and other
interested persons should read the proxy statement / prospectus
carefully when it becomes available before making any voting or
investment decisions. You may obtain free copies of these documents
from the sources indicated above.
No Offer or Solicitation This press release does not
constitute an offer to sell or the solicitation of an offer to buy
any securities or a solicitation of any vote or approval, nor shall
there be any sale of securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction.
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