OpenAI-backed Thrive Holdings acquires ADT

Thrive Holdings has acquired physical security company ADT for $10 per share or about $7.6 billion in equity, the companies announced on Thursday. Beyond equity, the total enterprise value of the deal is $15.3 billion, ADT said.

Thrive Holdings is the PE spin-out from Josh Kushner’s powerhouse VC firm Thrive Capital. It also counts OpenAI as its partner, as well as an investor. The firm’s mission is to hold other companies long-term, revitalizing them with AI. Currently, Thrive Holdings holds over 75 companies, it says.

As a partner, OpenAI supplies AI models and tech as well as people, otherwise known as forward-deployed engineers, to Thrive’s companies.

Neither ADT nor Thrive announced what new AI-powered security products they will be releasing, but they did tease that the plan was to invest and release new products. “ADT will form the foundation of Thrive Holdings’ smart home security business,” the press release said.

AI-powered physical security is having a moment right now. Apple just entered the field with a new line of smart home and home security products in collaboration with LG and Schneider Electric. Amazon updated its smart home line, including new AI-powered home cameras . And who knows what the future might bring? Some startups are offering AI dog robots as roving security guards.

Topics

ADT , AI , AI , M&A , TC , thrive holdings , Venture

November 4

Boston

Buy One Pass, Get a Second Free

Cover more ground at TechCrunch’s ultimate founder bootcamp of the year by bringing your co-founder or partner for free

Book before the BOGO deal expires

Register Now

Newsletters

See More

Subscribe for the industry’s biggest tech news

Related

AI

As search traffic dries up, Reddit announces it’s shifting to a logged-in experience

Sarah Perez

11 minutes ago

AI

Mistral releases weights for its trillion-parameter AI model, targeting cybersecurity

Lucas Ropek

3 hours ago

Enterprise

Microsoft hits 10 quarters of record-breaking revenue in a row

Julie Bort

23 hours ago

Latest in AI

AI

As search traffic dries up, Reddit announces it’s shifting to a logged-in experience

Sarah Perez

11 minutes ago

Transportation

Rivian expands joint venture with VW to include AI assistant

Kirsten Korosec

14 minutes ago

In Brief

Julie Bort

23 minutes ago