Mr. Hennessy will be joined by M. Joseph Beck, as Co-Chief Executive Officer, Chief Financial Officer and Director. Lastly, funds that traditionally raised money through limited partnerships for private equity funds now have a pocket for SPACs. It’s not a bull market product, and many people will use SPACs as an alternative to private equity — they are here to stay. These business leaders need to analyze their focus as well as who in the startup sphere might be interested. It’s just math: too much money and not enough product to buy. At the time of their IPOs, SPACs have no existing business operations or even stated targets for acquisition. SPACs have increased in popularity in 2020 as private companies increasingly view them as a good alternative to traditional initial public offerings, and investors are eager to invest in newly public companies. Nordic Asset Manager NREP Raises $2.2 Billion in Real Estate Bet, US pension fund aims $400m at private equity deals, Bain and CVC revise Serie A bids as clubs delay decision. Additionally, Mr. Hennessy served, from 2014 to 2019, as a Portfolio Manager of the Abu Dhabi Investment Authority, or ADIA, the world’s largest institutional real estate investor. Get Ahead! However, the prospectus first impressions would indicate some investor pushback is headed this team’s way. No. Stock Advisor launched in February of 2002. This is 100% a “Hennessy SPAC”, with the line between father and son a little blurred. Investors in SPACs can range from well-known private equity funds to the general public. This resulted in revenue of $73 million and gross profit of $57 million (based on the 78% gross profit margin expected for 2020). There is too much money going into the SPAC market for this not to happen. Post was not sent - check your email addresses! PropTech will be led by Thomas Hennessy, as Chairman of the Board, Co -Chief Executive Officer and President. In the next evolution, I suspect we will see the following: A lot of proptech startups will go public earlier than they would have before, and this will impact the venture capital world. Additionally, PropTech will be advised by the Hennessy SPAC duo of Daniel Hennessy (father of Thomas) and Greg Etheridge. Every asset class evolves, and I think we can see some real opportunities to marry the capital going into the SPAC world with real estate — specifically in the proptech space, because the U.S. real estate market is bigger than anything out there, asset class-wise. This will leave less for later-stage venture investors. All rights reserved. If you haven’t previously registered, you … Investors in SPACs can range from well-known private equity funds to the general public. After all, as the expression goes, “follow the money.”. The rising importance of Porch.com has enabled it to grow quickly. Nevertheless, the current investors can now have a liquidity event by going public early. Multiple mergers will coordinate at the same time to make a more meaningful result. Don’t worry about the news anymore, through our newsletter you’ll receive weekly access to what is happening. Look for this deal to price right before Thanksgiving. The company anticipates 2021 revenue growth in excess of 50% and a net revenue retention rate well above 100%. The transaction should close in the fourth quarter of 2020. However, Mr. Hennessy’s background includes being the Managing Partner of Real Estate Strategies of Hennessy Capital LLC, an alternative investment firm that focuses on the industrial services, infrastructure services and real estate industries, where he has worked since July 2019. Service providers such as movers and home inspection companies can use Porch.com as a customer relationship management (CRM) platform and also as a business orchestration and execution software. PropTech, in addition to the current management team, will have two “Senior Advisors” with Daniel Hennessy and Greg Etheridge, and Daniel Hennessy is the eponymous “Hennessy” in the Hennesssy I, II, III and currently, IV SPACs. As much as 65% of homeowners are reachable through the platform, and the company estimates that 26% of U.S. home inspections were processed through its system in 2019. So he is a major stakeholder. See you at the top! Cumulative Growth of a $10,000 Investment in Stock Advisor, This Homeowner-Focused SaaS Company Is Going Public Via SPAC @themotleyfool #stocks $PTAC, special purpose acquisition company (SPAC), Copyright, Trademark and Patent Information. Returns as of 10/07/2020. By signing up for our newsletter, you accept our terms and conditions as outlined under pe-insights.com/privacy-policy. His investing interests include tech, consumer, and event-driven situations. The tech platform is proving to be an important part of the homeowner business ecosystem. That being said, I do predict that we will see fewer IPOs later this year due to this dynamic. Tonight, PropTech Acquisition Corporation (PTACU), filed their $150 million real estate technology-focused SPAC, with “PropTech” referring to “property technology”. However, this is a very young team and as far as management ages go, PropTech’s mean age of 34 years is an outlier, so let’s discuss and address it. Companies that were in discussions about opportunities with private equity firms should now pause to take a look at SPACs. PropTech Acquisition Corporation (NASDAQ:PTAC) just announced it will be taking the home automation company Porch.com public -- making it one of the most recent SPAC transactions. If the volume of SPACs continues to increase as expected, you will see them target smaller and smaller companies and give up economics to make it work. Most SPACs are helmed by older executives/deal makers that have amassed a substantial rolodex that means they have access to a significant amount of deal flow. Sponsor HC PropTech Partners (19% post-IPO stake) is an affiliate of the SPAC's officers and directors.

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