Impact venture capital fund 4impact capital invests in AI software startup Coolgradient. The Amsterdam-based startup, founded by Jasper de Vries and René Gompel in 2023, has built the most comprehensive software solution to optimize complex cooling and power infrastructure operations in data centers.

Coolgradient makes data centers intelligent by converting existing data into actionable recommendations and improved visibility, delivering increased reliability and improved sustainability by reducing data center infrastructure energy by up to 40%. Coolgradient achieves these superior results by capturing interdependencies between all operational assets from the mechanical and electrical infrastructure in data centers rather than focusing on isolated assets. This holistic view makes Coolgradient the solution of choice for globally leading clients such as Digital Realty.

Data centers were responsible for 2% of global electricity consumption in 2022, which is expected to increase. By 2030, they are expected to use an average of 3.2% of global electricity consumption, with some countries’ estimations being as high as 6% (US) or even 32% (Ireland) by 2026. As their numbers grow, their CO2 emissions and water consumption also continue to rise. However, due to the vast amounts of variables involved in data center operations and the shifting data and energy demands, data center operators currently have limited ability to find the optimal energy and water settings at any given time.

4impact capital now joins Coolgradient as a software-specialized investor to support the experienced team in scaling its business internationally. The team around Jasper de Vries and René Gompel have decades of experience in data-driven optimisations for industrial applications. Through their existing work with large clients, they have built and optimized best-in-class AI models that can work universally.

As the data center market is expected to boom over the next decades, Coolgradient is set to become a vital cog in the global computing space.

Victor Straatman, Partner of 4impact says “The unrivaled expertise of Jasper, Rene, and their team of people in Amsterdam and across the world make them the obvious choice for many of the world’s leading data center operators. The need for and benefit of their product is crystal clear. As they become a key component of operating this critical infrastructure globally, we are proud to play a part in Coolgradient’s journey of reducing 1% of all global energy used for data center cooling while delivering meaningful cost and resource savings to customers.”

Jasper de Vries, Co-Founder and CPO of Coolgradient, adds, “We are thrilled to have 4impact join our mission for a more sustainable digital infrastructure. They share our passion, and this investment reflects their commitment to seizing the momentum for our product. This will enable further global expansion and increase the impact we create for our customers.”

About Coolgradient 

Coolgradient, founded by Jasper de Vries and René Gompel in 2023, aims to reduce 1% of global energy consumed by cooling data centers. Their innovative solution converts every data center into an intelligent facility, covering all infrastructure from roof-to-room. The platform merges existing data with distinct AI models to simplify and optimize increasingly complex data center operations. With their approach, they have achieved remarkable results, such as up to 40% in energy and water savings, increased reliability and resilience, compliance with sustainability regulations, and improved employee productivity.

Contact: Rene Gompel, rene.gompel@coolgradient.com

About 4Impact 

4impact capital is a prominent early-stage impact investor in European digital startups. 4impact capital supports passionate founders dedicated to advancing sustainability and creating measurable change, aligned with the Sustainable Development Goals (SDGs), particularly in the areas of Planet and People. Currently, 4impact capital is investing from its second fund, which they anticipate to close later this year. 4impact plans to invest in around 25 companies that capitalize on the massive opportunity at the intersection of digitization and sustainability in Europe, focusing on the Benelux, DACH, and Nordics regions.

Contact: connect@4impact.vc

LONDON, UK – May 2, 2024 – Blackstone (NYSE:BX), the world’s largest alternative asset manager, announced today that private equity funds managed by affiliates of Blackstone (“Blackstone”) have completed its acquisition of Civica, a global leader in public sector software solutions, from Partners Group, a leading global private markets firm, acting on behalf of its clients. Financial terms of the transaction were not disclosed.

The transaction was previously announced on November 22, 2023, and has fulfilled all regulatory approvals. Civica was founded in 2001 and has since grown into one of the UK’s largest software companies and a global leader in software for the public sector, providing mission-critical automating and streamlining technology services to over 6,000 customers around the world.

Jonathan Murphy, Senior Managing Director, and Miguel García Gómez, Principal at Blackstone, said: “Civica has established itself as a leader in the ‘GovTech’ space, helping public bodies globally embrace technology and improve their services. We’re thrilled to partner with Lee and the management team and support Civica’s continued growth and global expansion.”

Lee Perkins, Chief Executive Officer at Civica, said: “With digitalization transforming the expectation of public services around the world, Civica creates the software that helps public servants deliver for citizens every day. Blackstone has a long track record of investing in technology and in the UK, and we look forward to partnering with them as we build on two decades of growth and innovation.”

Blackstone was advised by Barclays as lead financial advisor, Shea & Company and DC Advisory as secondary financial advisors, and Simpson Thacher & Bartlett and Kirkland & Ellis as legal advisors. Partners Group was advised by Clifford Chance and Arma Partners. Arma Partners acted as exclusive financial advisor to Civica and Management was advised by Travers Smith and Wyvern Partners.

About Blackstone  
Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram

About Civica Group 
We’re Civica and we make software that helps deliver critical services for citizens all around the world. From local government to central government, to education, to health and care, over 5,000 public bodies across the globe use our software to help provide critical services to over 100 million citizens. Our aspiration is to be a GovTech champion everywhere we work around the globe, supporting the needs of citizens and those that serve them every day. www.civica.com

Media Contacts

Civica
Amanda Newman
press@civica.co.uk

Blackstone
Rebecca Flower
Rebecca.Flower@blackstone.com
+44 (0)7918 360372

Dr. Marisa Randazzo to Join Raptor to Lead Threat Assessment Services and Training

HOUSTON—Raptor Technologies (Raptor), the U.S. leader in school safety software, announced today an agreement with Ontic, a software provider delivering Connected Intelligence that unifies how security professionals manage physical threats, mitigate risks and strengthen businesses, for the strategic acquisition of SIGMA Threat Management Associates (SIGMA), a renowned leader in threat assessment and violence prevention services.

This acquisition marks a significant milestone in Raptor’s commitment to providing comprehensive safety solutions for schools and communities. By incorporating SIGMA’s expertise in threat assessment and violence prevention with StudentSafe, Raptor’s cutting-edge threat management software, Raptor aims to further enhance its ability to safeguard students, staff and school environments.

“Raptor’s mission is to empower schools to create safer environments for learning,” said Gray Hall, CEO of Raptor Technologies. “Adding SIGMA Threat Assessment training to the Raptor portfolio of safety products and services is our next step in expanding our capabilities as we assist schools in embracing a broader perspective on safety for their students, staff and communities.”

SIGMA brings decades of experience in threat assessment, behavioral threat management and violence prevention to Raptor. SIGMA threat assessment experts have worked with schools, businesses and organizations across the country to assess threats, develop prevention strategies and train stakeholders on threat awareness and response.

“We are excited to join Raptor to advance our shared mission of making schools safer,” said Marisa Randazzo, Ph.D., co-founder of SIGMA. “By combining our expertise in threat assessment and violence prevention with Raptor’s innovative software solutions, we can provide schools with comprehensive, proactive approaches to reducing threats.”

As part of the acquisition, SIGMA will operate as part of Raptor Technologies, with Dr. Marisa Randazzo serving as Executive Director of Threat Assessment. Prior to joining Raptor, Dr. Randazzo served as Executive Director of Threat Management at Ontic and was the former Chief Research Psychologist with the U.S. Secret Service, where she served for over a decade. Additionally, she currently serves as the Director of Threat Assessment at Georgetown University.

“Ontic, Raptor and SIGMA all share the mission of keeping people safe,” said Lukas Quanstrom, CEO and co-founder of Ontic. “We will continue to champion the threat assessment methodology and software for our corporate clients at Ontic. We look forward to seeing the impact SIGMA will have on school safety as they join a leader like Raptor.”

About Raptor Technologies
Founded in 2002, Raptor has partnered with over 60,000 schools in 55 countries, including over 5,300 K-12 US school districts, to provide integrated visitor, volunteer, attendance, dismissal, emergency management, and safeguarding software and services covering the complete spectrum of school and student safety. To learn more about Raptor Technologies, visit www.raptortech.com.

About Ontic
Ontic makes software that corporate and government security professionals use to proactively manage threats, mitigate risks, and make businesses stronger. Built by security and software professionals, the Ontic Platform connects and unifies critical data, business processes, and collaborators in one place, consolidating security intelligence and operations. We call this Connected Intelligence. Ontic serves corporate security teams across key functions, including intelligence, investigations, GSOC, executive protection, and security operations. For more information, please visit ontic.co or follow us on X or LinkedIn.

Read the release on the Raptor website here.

As the world waits for $65 billion payments tech giant Stripe to go public, a wave of smaller startups continues to roll into the market to pick up more payments business. In one of the latest developments, Danish company Flatpay, which builds payment solutions for small and medium physical merchants like shops, restaurants and salons, has raised €45 million ($47 million), led by Dawn Capital.

Flatpay had raised just under $21 million before this latest Series B, and with this new funding, it’s now valued at well over $100 million. The company plans to use the money to expand into new markets in Europe and to build out more products alongside the point-of-sale and card terminals that it sells today. Some of these products might involve AI but only as an enabler of certain features, rather than a core service, said Flatpay’s CEO Sander Janca-Jensen.

“We have been able to raise money without mentioning the AI buzz word,” he said. “It seems to be rare these days.”

That €45 million is a strong Series B in the current market in Europe, especially when you consider the size of the startup. Founded in 2022, Flatpay currently has just 7,000 customers across Denmark, Finland and Germany.

Even with its revenues and customer base both growing at a monthly rate of 15%, Flatpay’s business is just a drop in the merchant ocean.

There are more than 24 million SMBs in Europe; point-of-sale terminals in the region number more than 17 million; and there are hundreds of other payments services — including Stripe, Adyen, SumUp and PayPal, as well as smaller players like SilkPay — all targeting the same customers as Flatpay.

But investors think there is a lot of potential in the startup, enough to bet early and strong, even in the current economic climate.

Janca-Jensen, who co-founded the company with Rasmus Busk, Rasmus Hellmund Carlsen and Peter Lüth, said the gap Flatpay spotted in the market was a lack of really simple solutions for merchants who want the convenience that technology can bring, without the harder aspects that come along with it, such as troubleshooting, understanding the intricacies of charges, and integrating products into their business flow.

The startup’s approach to addressing that gap comes in three ways, he said. On the customer side, Flatpay works with a defined size of customer: only merchants that process over €100,000 annually, and the customers cannot be multiple-location chains or franchises. Janca-Jensen said that it regularly rejects customers if they don’t meet those parameters.

On the technology side, it has matched its target customer size with the unit economics of its payment solutions to come up with very basic, flat fees (hence the startup’s name) of 0.99% for terminal transactions and 1.49% for POS purchases. Flatpay then doesn’t set a minimum charge for single transactions, and it doesn’t charge fees if customers are paying with international cards. Janca-Jensen admitted that its model means that Flatpay sometimes loses money on transactions, but it overall lowers the bar for usage and encourages more spend and overall revenue for the company.

Perhaps most interestingly, on the sales side, despite its focus on streamlined technology, Flatpay only sells via live sales visits. No online sales (although there are specialists who will help arrange those in-person sales visits and handle support), no virtual visits, and no plans to introduce either.

Janca-Jensen said he and his co-founders developed a fondness for direct field sales when they were selling home alarm systems in a previous life.

As with payments hardware and software, security can be a hard sell to customers. Flatpay found that the only way it could reliably seal deals was by selling in person. And the only way that salespeople can sell in person is by understanding the products really well.  “You have to get salespeople to understand the product enough to explain it well to buyers. It sets high standards for how simple your product must be,” said Janca-Jensen. “We like that challenge.”

Around half of Flatpay’s 200 employees are on the sales side, he said, split between those who help arrange sales visits and handle support and those who visit customers in person. Typically, they are recruited from other retail roles rather than software sales.

“We steer clear of SaaS account executives and fintech people,” he said. In his opinion, SaaS sales are so easy that people who work in that area are “too lazy and complacent” to make the grade for field sales.

So far, in the three markets where Flatpay operates, the aim has been to recruit very local salespeople who understand the nuances of their respective markets. That seems to raise a lot of questions about how well this can scale longer term, but Janca-Jensen brushes that concern aside, and investors are equally bullish.

“The field sales model, when done well, works. You can localize and roll out teams in a cost-efficient way to explain on a local basis why a product makes sense,” said Josh Bell, a general partner at Dawn Capital who focuses on fintech.

He pointed out that iZettle — another company Dawn backed — was also an early mover in using field sales to sell its fancy new tech to non-technical customers. “They were a winner, but even they never did it as well as Flatpay does this. Payments is huge, and Flatplay has touched just at a fraction of the opportunity.”

Denmark’s Seed Capital also participated in this round, along with other unnamed investors.

SCOTTSDALE, Ariz. and CHARLOTTE, N.C.

• Creates strong position in security, audio visual, and smart living technology distribution for residential and commercial markets
• Highly complementary capabilities offer professional integrators an expanded selection of proprietary products, extensive third-party supplier relationships, and proven omni-channel reach
• Enhances Resideo’s growth and margin profile and accretive to non-GAAP EPS in first full year of ownership
• Identified expected annual run-rate business and financial synergies of $75 million by year three
• $500 million perpetual convertible preferred equity investment from CD&R

Resideo Technologies, Inc. (NYSE: REZI), a leading manufacturer and distributor of technology-driven products and solutions, and Snap One Holdings Corp. (Nasdaq: SNPO), a leading provider of smart-living products, services, and software to professional integrators, today announced a definitive agreement pursuant to which Resideo has agreed to acquire Snap One for $10.75 per share in cash, for a transaction value of approximately $1.4 billion, inclusive of net debt. Upon closing, Snap One will integrate into Resideo’s ADI Global Distribution business.

The transaction will combine ADI’s strong position in security products distribution and Snap One’s complementary capabilities in the smart living market and innovative Control4 technology platforms, which is expected to drive increased value for integrators and financial returns. Together, ADI and Snap One will provide integrators an increased selection of both third-party products and proprietary offerings through an extensive physical branch footprint augmented by industry leading digital capabilities.

“The acquisition of Snap One is an exciting step in Resideo’s continued transformation through portfolio optimization, operational enhancements and structural cost savings actions,” commented Jay Geldmacher, Resideo’s President and Chief Executive Officer. “ADI and Snap One are highly complementary businesses and together will meaningfully enhance our strategic and operational capabilities as a significant player in attractive growth categories. We are excited about the enhanced value proposition through increased product breadth, local availability, support services and broad market expertise, as well as the future opportunities this creates for integrators serving residential and commercial markets. In addition, the investment by Clayton, Dubilier & Rice is a testament to the strategic and financial merits of this transaction and provides financial flexibility as we continue to transform and optimize our portfolio. We look forward to the ADI and Snap One teams working together to drive value for all stakeholders through executing on the substantial business and financial synergies we see in combining the two businesses.”

“Snap One has grown from a startup built by entrepreneurial integrators to an industry leader in smart technology, delivering seamless experiences to consumers and high-quality services and support to our integrators,” said John Heyman, Chief Executive Officer of Snap One. “This is the right next step to capture new opportunities to bring our solutions to market. The future of smart living is here. Demand for connected technology products continues to grow, and Resideo is the right owner to drive our expansion. We believe this transaction will deliver compelling value to our stakeholders and will create opportunities for our people and integrator partners.”

“We are excited to support Resideo on this highly strategic acquisition and in their ongoing transformation,” commented Nathan Sleeper, CD&R’s Chief Executive Officer. “I look forward to joining Resideo’s Board of Directors and supporting the business as it executes on this transaction and the significant opportunity we see available over the coming years.”

Benefits of the Transaction

A Strong Position Across Multiple Attractive Categories: The acquisition will combine Snap One’s capabilities for smart living integrators with ADI’s complementary position in adjacent security products distribution. This cross-category expansion will allow the combined organization to materially deepen relationships with integrators to better serve their customers and expand their businesses.

Expansion of Proprietary Offering: The combination is expected to meaningfully accelerate ADI’s existing exclusive brands strategy, leveraging Snap One’s award-winning proprietary product portfolio and product development expertise while providing broader availability through ADI’s network of commercial and residential integrators and omni-channel capabilities. The combined company intends to leverage increased opportunities around innovation to drive value for integrators through a pipeline for proprietary products. Snap One generated 66% of sales from proprietary products in 2023 and these offerings typically carry significantly higher gross margin than third-party products.

Enhanced Integrator Value Proposition: ADI’s and Snap One’s professional integrators will benefit from significant synergy on go-to-market with Snap One’s e-commerce expertise and integrator support platforms and ADI’s 195 stocking locations and extensive digital capabilities. The combination is expected to create a true omni-channel experience for integrators, simplifying the buying experience and enhancing product availability. Additional opportunity exists to enhance value within the Control4 integrator base through increasing service levels, rapid product fulfilment and expanding exclusive offerings.

Attractive Financial Profile: The transaction is expected to be accretive to Resideo non-GAAP EPS in the first full year of ownership, with favorable revenue growth and margin profile to ADI and Resideo as a whole. Transaction financing has been structured to allow Resideo to preserve financial flexibility for future strategic initiatives.

Transaction Details

The transaction is valued at approximately $1.4 billion, including forecasted net debt of Snap One at the closing of approximately $460 million. This represents a 7.4x multiple on Snap One’s Adjusted EBITDA for the twelve months ended December 29, 2023, as further adjusted by including Resideo’s projected annual run-rate synergies of $75 million.

The transaction is expected to be completed in the second half of 2024, and is subject to customary closing conditions, including receipt of applicable antitrust and other regulatory approvals. The transaction has been unanimously approved by the Boards of Directors of Resideo and Snap One. Private investment funds managed by Hellman & Friedman LLC, holding approximately 72% of the outstanding common shares of Snap One, have executed a written consent to approve the merger, thereby providing the required stockholder approval for the transaction.

Resideo intends to use proceeds from committed debt financing, cash on hand, and a $500 million perpetual convertible preferred equity investment from Clayton, Dubilier & Rice LLC (“CD&R”) to fund the transaction. Terms of the CD&R investment include a 7% coupon, payable in cash or payment-in-kind at Resideo’s option, and a conversion price of $26.92. CD&R brings a long track record of value creation through its investments and significant experience in the specialty distribution market. Effective upon the closing, CD&R will have the right to designate two members to the Board of Directors of Resideo.

Transaction Conference Call Information

Resideo will host a conference call at 8:00 a.m. Eastern Time on April 15, 2024, to discuss the transaction. Interested parties may join the call via https://investor.resideo.com/, where related materials will be posted before the call, or by phone at 646-968-2525 or 888-596-4144 with the conference ID: 7959274. A replay of the webcast will be available at https://investor.resideo.com/.

Resideo Preliminary First Quarter 2024 Financial Results

For the first quarter ended March 30, 2024, Resideo’s preliminary expectations are for revenue of approximately $1,485 million, compared with outlook of $1,460 million to $1,510 million and Adjusted EBITDA above the midpoint of outlook of $120 million to $140 million provided in the fourth quarter and full-year 2023 results press release dated February 13, 2024. Resideo intends to release first quarter 2024 financial results after the close of the New York Stock Exchange on Thursday, May 2, 2024, and host a webcasted conference call at 5 p.m. ET.

Advisors
Evercore and Raymond James & Associates, Inc. are acting as financial advisors and Willkie Farr & Gallagher LLP is acting as legal counsel to Resideo. Bank of America and Morgan Stanley have provided committed financing for the transaction and are also acting as advisors to Resideo. Moelis & Company LLC and J.P. Morgan Securities LLC are serving as financial advisors to Snap One and have each provided a fairness opinion to Snap One’s board of directors. Simpson Thacher & Bartlett LLP is serving as Snap One’s legal counsel.

About Resideo
Resideo is a leading global manufacturer and developer of technology-driven products and components that provide critical comfort, energy management, and safety and security solutions to over 150 million homes globally. Through our ADI Global Distribution business, we are also a leading wholesale distributor of professionally installed electronic security and life safety products for commercial and residential markets and serve a variety of adjacent product categories including audio visual, data communications, and smart home solutions. For more information about Resideo, please visit www.resideo.com.

About Snap One
As a leading distributor of smart-living technology, Snap One empowers its vast network of professional integrators to deliver entertainment, connectivity, automation, and security solutions to residential and commercial end users worldwide. Snap One distributes an expansive portfolio of proprietary and third-party products through its intuitive online portal and local branch network, blending the benefits of e-commerce with the convenience of same-day pickup. The Company provides software, award-winning support, and digital workflow tools to help its integrator partners build thriving and profitable businesses. Additional information about Snap One can be found at www.snapone.com.

About Clayton, Dubilier & Rice
Founded in 1978, CD&R is a leading private investment firm with a strategy of generating strong investment returns by building more robust and sustainable businesses through the combination of skilled investment experience and deep operating capabilities. In partnership with the management teams of its portfolio companies, CD&R takes a long-term view of value creation and emphasizes positive stewardship and impact. The firm invests in businesses that span a broad range of industries, including industrial, healthcare, consumer, technology and financial services end markets. CD&R is privately owned by its partners and has offices in New York and London. For more information, please visit www.cdr-inc.com and follow the firm’s activities through LinkedIn and @CDRBuilds on X/Twitter.

Residio Investors:
Jason Willey
Residio Vice President, Investor Relations
investorrelations@resideo.com

Adrienne Zimoulis
Residio Sr. Director of Communications
adrienne.zimoulis@resideo.com

Snap One:
Ashley Swenson
Senior Vice President, Marketing
ashley.swenson@snapone.com

Dana Gorman / Dan Scorpio
H/Advisors Abernathy
dana.gorman@h-advisors.global / dan.scorpio@h-advisors.global

Clayton, Dubilier & Rice Media:
Jon Selib
Clayton, Dubilier & Rice Media
jselib@cdr-inc.com

Use of Non-GAAP Financial Measures
This press release includes certain “non-GAAP financial measures” as defined under the Securities Exchange Act of 1934. Resideo management believes the use of such non-GAAP financial measure, specifically Adjusted EBITDA, assists investors in understanding the ongoing operating performance of Resideo by presenting the financial results between periods on a more comparable basis. Non-GAAP Adjusted EBITDA should not be considered in isolation or as an alternative to results determined in accordance with U.S. GAAP. Resideo defines non-GAAP Adjusted EBITDA as Net Income as determined in accordance with U.S. GAAP, adjusted for the following items: provision for income taxes; depreciation and amortization expenses; interest expense, net; stock-based compensation expense; Honeywell reimbursement agreement non-cash expense; restructuring and impairment expenses; loss on the sale of assets, net, and foreign exchange transaction loss (income).

Resideo is unable to provide preliminary results for the comparable U.S. GAAP measure of Adjusted EBITDA for the first quarter 2024 without unreasonable efforts because the closing procedures for the first quarter of 2024 are not yet complete. Accordingly, Resideo is unable to provide a reconciliation from U.S. GAAP to non-GAAP Adjusted EBITDA without unreasonable effort. It is important to note that the amounts adjusted to the comparable U.S. GAAP measure may be material to Resideo’s first quarter 2024 reported results determined in accordance with U.S. GAAP.

This press release also includes a reference to Snap One’s Adjusted EBITDA, which is a non-GAAP financial measure. Snap One’s management believes that this non-GAAP financial measure provides useful information about the proposed transaction; however, it should not be considered as an alternative to U.S. GAAP net income (loss). A reconciliation between Snap One’s Adjusted EBITDA and U.S. GAAP net income (loss) for the annual period ended December 29, 2023, is provided in Snap One’s Annual Report filed with the SEC on Form 10-K on March 9, 2024.

Forward Looking Statements
This release contains “forward-looking statements” within the meaning of the federal securities laws. All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. Although we believe forward-looking statements are based upon reasonable assumptions, such statements involve known and unknown risks, uncertainties, and other factors, which may cause the actual results or performance of each company to be materially different from any future results or performance expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, (1) the ability of the conditions to the closing of the Snap One transaction being timely satisfied and the consummation of the transaction, (2) the ability of Snap One and/or Resideo to drive increased customer value and financial returns and enhance strategic and operational capabilities, (3) the ability of Snap One and/or Resideo to achieve the targeted amount of synergies and the related valuation implications described in this press release, (4) the accretive nature of the transaction to Resideo’s non-GAAP EPS in the first full year of ownership and the growth and margin profile of the combined businesses, (5) the ability to accelerate brand strategy as a result of the transaction, (6) the ability to integrate the Snap One business into Resideo and realize the anticipated strategic benefits of the transaction, including the anticipated operational and strategic benefits of the transaction, (7) actual Resideo results for the first quarter ended March 30, 2024 differing from the estimated financial results included in this press release, including due to the completion of our financial closing procedures, final adjustments and other developments that may arise between the date of this press release and the time that financial results for the first quarter of 2024 are finalized, (8) our expectation that the financing for the transaction will allow Resideo to maintain our existing credit ratings and preserve financial flexibility for future strategic initiatives, (9) the ability to recognize the expected savings from, and the timing and impact of, existing and anticipated cost reduction actions (10) the likelihood of continued success of our transformation programs and initiatives, and (11) the other risks described under the headings “Risk Factors” and “Cautionary Statement Concerning Forward-Looking Statements” in Resideo’s Annual Report on Form 10-K for the year ended December 31, 2023 and the other risks described under the headings “Risk Factors” and “Cautionary Statement Concerning Forward-Looking Statements” in Snap One’s Annual Report on Form 10-K for the fiscal year ended December 29, 2023 and such other periodic filings as each of Resideo and Snap One make from time to time with the Securities and Exchange Commission (SEC). You are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements are not guarantees of future performance, and actual results, developments, and business decisions may differ from those envisaged by our forward-looking statements. Except as required by law, we undertake no obligation to update such statements to reflect events or circumstances arising after the date of this press release, and we caution investors not to place undue reliance on any such forward-looking statements

View original content: https://www.prnewswire.com/news-releases/resideo-to-acquire-snap-one-to-expand-presence-in-smart-living-products-and-distribution-302116276.html

SOURCE Resideo Technologies, Inc.