(Bloomberg) -- Security services provider Kastle Systems is in talks to go public through a special purpose acquisition company started by Simon Property Group Inc., according to a person with knowledge of the matter.

Kastle, backed by veteran SPAC investor Mark Ein’s Venturehouse Group, is discussing a business combination with Simon Property Group Acquisition Holdings Inc., the person said, asking not to be identified discussing private information. A deal hasn’t been reached and the terms could change or talks could end without an agreement, the person said.

Representatives for Kastle Systems and Venturehouse Group didn’t immediately respond to a request for comment. A spokesperson for the Simon blank-check company declined to comment.

Simon Property Acquisition is a rare SPAC started by a corporation instead of an investment firm or a group of individual investors. Only a handful of corporations have raised SPACs to invest in complementary business initiatives without having to outright acquire the businesses.

The Simon vehicle is led by Eli Simon, the son of Simon Property Group Inc. Chief Executive Officer David Simon. The SPAC raised $345 million in its initial public offering in February, with the goal of finding a target with growth potential.

The blank-check firm said in a filing with the U.S. Securities and Exchange Commission that it had a broad mandate to find companies in health and wellness, food and beverage retail, restaurants, co-working spaces, entertainment, gaming, sports and e-sports, hospitality and e-commerce, among other sectors.

Kastle Systems, based in Falls Church, Virginia, provides the operating system for property management functions such as visitor passes, video surveillance and identity assurance. Its clients include companies such as GrubHub Inc. and Gensler, as well as CBRE Group Inc., AvalonBay Communities Inc. and Cushman & Wakefield Plc, according to its website.

Ein, Kastle’s chairman, has started five blank-check firms, according to a website for one of his companies.

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