OpenAI-backed Thrive Holdings acquires ADT
OpenAI-backed Thrive Holdings is buying ADT in a $15.3 billion deal, with plans to bring AI to the home security business.
Thrive Holdings has acquired ADT, a physical security company, for $10 per share or roughly $7.6 billion in equity, the firms announced on Thursday. The total value of the deal amounts to $15.3 billion, according to ADT. Thrive Holdings is a private equity spinoff from Josh Kushner’s leading VC firm, Thrive Capital, and is partnered with OpenAI, among others.
Thrive's objective is to hold companies long-term and revitalize them with AI technology. Currently, Thrive Holdings owns more than 75 companies. OpenAI contributes AI models, technology, and forward-deployed engineers to Thrive’s companies. Although ADT and Thrive Holdings have not disclosed the specific AI-powered security products they plan to release, they have hinted at a commitment to invest in and launch new products.
The press release stated that "ADT will form the foundation of Thrive Holdings’ smart home security business." Currently, AI-powered physical security is gaining traction, with Apple entering the market through a collaboration with LG and Schneider Electric, Amazon updating its smart home range, and even startups developing AI dog robots for security purposes.
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