SmartRent to Merge With Fifth Wall SPAC in $2.2 Billion Deal

SmartRent.com Inc., which sells smart home-technology systems to apartment-building owners and developers, intends to go public through a merger with a special-purpose acquisition company that values the property-tech startup at $2.2 billion, according to people familiar with the matter.

SmartRent, whose technology is in use in about 185,000 apartments in the U.S. and Canada, plans to announce as early as Thursday that it will merge with Fifth Wall Acquisition Corp., which raised about $345 million in an initial public offering earlier this year, the people said. The special-purpose company was sponsored by Fifth Wall, a venture-capital firm that invested in SmartRent last year through one of its funds.