Thrive Holdings, a private equity spin-out, has acquired the physical security company ADT for $10 per share, which translates to approximately $7.6 billion in equity, as announced by both companies on Thursday. Additionally, ADT reported that the total enterprise value of the transaction reaches $15.3 billion.
Thrive Holdings originated as a spin-out from Josh Kushner's venture capital powerhouse, Thrive Capital. The firm has OpenAI as both a partner and an investor, with a mission centered on holding companies for the long term and revitalizing them through artificial intelligence. Currently, Thrive Holdings claims to oversee more than 75 companies.
In its capacity as a partner, OpenAI provides Thrive’s portfolio companies with AI models, technology, and forward-deployed engineers.
While neither ADT nor Thrive has disclosed specific details regarding the new AI-powered security products slated for release, the companies confirmed plans to invest in and launch such innovations. According to a press release, ADT will serve as the cornerstone of Thrive Holdings' smart home security business.
The sector of AI-powered physical security is currently witnessing significant growth. Apple recently entered the market with a new line of smart home security products developed in collaboration with LG and Schneider Electric. Similarly, Amazon updated its smart home lineup to include new AI-driven home cameras. Furthermore, various startups are exploring novel solutions, such as deploying AI dog robots as mobile security guards.
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