Thrive Holdings, the holding company backed by OpenAI and spun out from Josh Kushner's Thrive Capital, has acquired physical security company ADT for $10 per share in an equity transaction valued at approximately $7.6 billion. The deal carries a total enterprise value of $15.3 billion.
Thrive Holdings holds over 75 companies and partners with OpenAI to supply AI models, technology, and forward-deployed engineers to portfolio firms. ADT will serve as the foundation for Thrive Holdings' smart home security business, according to the companies' announcement. They plan to invest in and release new AI-powered security products, though specific offerings were not disclosed.
ADT currently partners with Apple and Google and is expected to continue those relationships. The acquisition arrives as AI-powered home security gains traction. Apple recently launched smart home and home security products with LG and Schneider Electric. Amazon updated its smart home lineup with new AI-powered cameras.