Thrive Holdings, the PE spinout from Josh Kushner's Thrive Capital backed by OpenAI, has acquired physical security company ADT for $10 per share or about $7.6 billion in equity. The total enterprise value of the deal is $15.3 billion. Thrive Holdings' mission is to hold companies long-term, revitalizing them with AI, and currently holds over 75 companies.
As a partner, OpenAI supplies AI models, technology, and forward-deployed engineers to Thrive's portfolio companies. Neither ADT nor Thrive announced specific AI-powered security products, but they plan to invest in and release new ones. "ADT will form the foundation of Thrive Holdings' smart home security business," the press release stated. AI-powered physical security is gaining momentum, with Apple entering the field with smart home products in collaboration with LG and Schneider Electric, and Amazon updating its smart home line with AI-powered cameras.
Source: TechCrunch Venture · Summarized by HeadlinesBriefing