OpenAI-backed Thrive Holdings acquires ADT
techcrunch ·
Thrive Holdings, a private equity spin-out from Thrive Capital backed by OpenAI, has acquired physical security company ADT for approximately $7.6 billion in equity. The total enterprise value of the transaction is reported to be $15.3 billion per share at $10 each. Thrive Holdings aims to revitalize its portfolio companies using artificial intelligence, with OpenAI providing models and forward-deployed engineers as a partner. ADT will serve as the foundation for Thrive’s smart home security business, though specific new AI-powered products were not detailed at the time of the announcement. This acquisition occurs amidst a growing trend of tech giants like Apple and Amazon entering the AI-driven physical security market. Thrive currently holds over 75 companies in its portfolio under its long-term holding strategy.
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