Thrive Holdings has acquired physical security company ADT for $10 per share, or about $7.6 billion, the companies announced Thursday. ADT said the transaction has a total enterprise value of $15.3 billion above equity.
Thrive Holdings is a PE spinout from Josh Kushner’s leading VC firm, Thrive Capital. We also count OpenAI not only as an investor but also as a partner. The company’s mission is to own other companies for the long term and energize them with AI. Thrive Holdings currently owns more than 75 companies.
As a partner, OpenAI provides Thrive companies with AI models and technology, as well as talent known as forward deployment engineers.
Neither ADT nor Thrive have announced what new AI-powered security products they will release, but they have teased that they plan to invest and release new products. “ADT will form the foundation of Thrive Holdings’ smart home security business,” the press release states.
AI-powered physical security is having a moment. Apple just entered this space with a new line of smart home and home security products in partnership with LG and Schneider Electric. Amazon has updated its smart home line with new AI-powered home cameras. And no one knows what will happen in the future. Some startups are offering AI robot dogs as patrolling guards.
