Thrive Holdings has acquired ADT for $10 per share, valuing the home security company at $7.6 billion in equity, the companies announced Thursday. The total enterprise value including debt is $15.3 billion, according to ADT.
Thrive Holdings is a holding company spinout from Josh Kushner’s venture capital firm Thrive Capital. The company partners with OpenAI, which supplies AI models, technology and forward-deployed engineers to companies held by Thrive. Thrive Holdings currently holds over 75 companies, according to the announcement.
The companies said ADT will form the foundation of Thrive Holdings’ smart home security business and that they plan to invest in and release new products, though no specific AI-powered offerings were detailed. ADT currently partners with Apple and Google and is expected to continue those relationships.
The acquisition comes as AI-enabled physical security products gain attention. Apple recently entered the smart home security field with products developed with LG and Schneider Electric, while Amazon has updated its home camera line with AI features.