SquareTrade

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SquareTrade
Type Privately held
Founded 1999
Headquarters San Francisco, California
Area served USA
Key people Steven Abernethy, Co-founder & CEO
Ahmed Khaishgi, Co-founder & COO
Products Consumer Electronics and Appliances Warranty
Website SquareTrade.com

SquareTrade is an extended warranty service provider for consumer electronics and appliances headquartered in San Francisco's SOMA district. The company sells through large retailers online and in-store, and direct through its website.

The company's underwriter is AmTrust Financial Services, Inc.

Origins and history[edit]

Co-founded in 1999 by Steve Abernethy and Ahmed Khaishgi, SquareTrade launched as the first online service for resolving e-commerce disputes. Working with online marketplaces such as eBay, the company utilized an online negotiation tool to automate the dispute resolution process between sellers and buyers. Between 1999 and 2001, SquareTrade raised $15M from JP Morgan Partners, Weston Presidio Capital and Draper Richards. That same year, the company launched a merchant-verification service, the SquareTrade Seal. Both original services have since been discontinued.

In 2006, SquareTrade began providing consumer protection plans for portable devices, appliances, and other electronics.

In 2009, SquareTrade expanded internationally and now has European headquarters in London.

In 2012, Bain Capital and Bain Capital Ventures announced they were investing $238 million in the company, marking the second largest venture capital deal of the year.[1]

Sam's Club announced it would offer SquareTrade in January of 2012. Tesco and Asda (large retailers in the UK) announced late in 2012 that they would begin offering SquareTrade as well. Staples announced it would offer SquareTrade in September 2013.[2]

In January of 2013, SquareTrade announced it had grown 90% and now worked with 5 of the top 10 retailers in the world.

In March of 2014, Tech Data Europe announced its intent to form an arrangement with SquareTrade, the mobile industry’s top-rated protection plan company, to offer mobile device protection solutions throughout Europe.[3]

Products and services[edit]

SquareTrade protection plans typically offer protection against device failure from normal use as well as accident protection for portable devices. Plans do not include protection from loss or theft. Total costs of coverage cannot exceed the original purchase price. SquareTrade is offered by many retailers including Staples, Tesco, Asda, Costco and Sam’s Club, Amazon, eBay, TigerDirect, and through Tech Data’s network of 66,000 retailers.

Awards and recognition[edit]

2012 American Business Winner for Customer Service Department of the Year[4]

2012 Money Award’s Excellence Award for Customer Service[5]

2012 Finalist for the SITEL Customer Commitment Award

Gold Stevie For Sales and Customer Service 2012[6]

Stevie Awards Winner for People's Choice for Favorite Customer Service 2012[7]

Shorty Industry Awards Finalist for Best Use of Social Media for Customer Service 2012[8]

Golden Bridge Awards Best Customer Service 2011[9]

Golden Bridge Award for Social Media - 2012[10]

Shorty Awards Finalist for Customer Service 2011[11]

Stevie Awards Winner for Best Customer Service in the E-commerce category 2011[12]

Bizrate Circle of Excellence 2010[13]

Stevie Awards finalist for Most Innovative Company 2010[14]

Named one of the top 100 Web sites of 2010 by PC Magazine[15]

CPR Institute of Dispute Resolution's Outstanding Practical Achievement Award 2002

Named a Technology Pioneer by the World Economic Forum, 2001 & 2002

2013 People’s Choice Award - Best Customer Service in Retail[16]

2013 CTIA B!G Idea Aware for mobile Retail[17]

Stevie® awards for Customer Service Obsession, Best Company of the Year and Maverick of the Year in Consumer Services[18]

Global Business Excellence Award for Customer Service[19]

Money Award for True Customer Service Approach[20]

Shorty Award for Best Use of Social Media[21]

Best Place to Work in Bay Area[22]

Steve Abernethy Named One of Top 5 Best CEOs in the Bay Area[23]

Vince Tseng Named to Dealerscope’s 40 Under 40[24]

References[edit]

  1. ^ "Top 15 venture capital deals of 2012". Venture Beat. 2012-12-28. Retrieved 2013-04-03. 
  2. ^ "SquareTrade Wins 2013 CTIA B!G Idea Award for Mobile Retail". SquareTrade. 2013-5-29. Retrieved 2014-3-14. 
  3. ^ "Tech Data Mobile Solutions and SquareTrade to Transform Mobile Insurance Industry in Europe". SquareTrade. 2014-3-18. Retrieved 2014-3-18. 
  4. ^ "Customer Service Awards Category Stevie® Award Winners". The American Business Awards. Retrieved 2013-04-04. 
  5. ^ "Winners". The Money Awards. Retrieved 2013-04-04. 
  6. ^ "2012 Stevie® Award Winners". The Stevie Awards for Sales & Customer Service. Retrieved 2013-04-04. 
  7. ^ "2012 Stevie® Award Winners". The Stevie Awards for Sales & Customer Service. Retrieved 2013-04-04. 
  8. ^ "Best Use of Social Media for Customer Service". Shorty Industry Awards. Retrieved 2013-04-04. 
  9. ^ "Golden Bridge Awards 2011 Winners". The Golden Bridge Awards. Retrieved 2013-04-04. 
  10. ^ "Golden Bridge Awards". The Golden Bridge Awards. Retrieved 2013-04-03. 
  11. ^ "Stevie Awards for Sales & Customer Service". Stevie Awards. Retrieved 2013-04-03. 
  12. ^ "2011 Honorees". Stevie Awards. Retrieved 2013-04-03. 
  13. ^ "Bizrate Circle of Excellence 2010". BizRate. Retrieved 2013-04-03. 
  14. ^ "2010 Honorees". The American Business Awards. Retrieved 2013-04-03. 
  15. ^ "The Top 100 Web Sites of 2010". PCMag. 2010-08-16. Retrieved 2013-04-03. 
  16. ^ "SquareTrade Wins People’s Choice Award for Best Customer Service in Retail Sector". SquareTrade. March 7, 2014. Retrieved 2014-3-14. 
  17. ^ "SquareTrade Wins 2013 CTIA B!G Idea Award for Mobile Retail". SquareTrade. 2013-5-29. Retrieved 2014-3-14. 
  18. ^ "Squaretrade Wins Stevie Award for Customer Service Obsession". SquareTrade. 2013-3-5. Retrieved 2014-3-14. 
  19. ^ "SquareTrade Wins Global Business Excellence Award for Customer Service". SquareTrade. 2013-10-17. Retrieved 2014-3-14. 
  20. ^ "SquareTrade’s ‘true customer service’ approach wins Money award for excellence". SquareTrade. 2013-01-09. Retrieved 2014-3-14. 
  21. ^ "SquareTrade Wins Shorty Award for Best Use of Social Media". SquareTrade. 2013-4-11. Retrieved 2014-3-14. 
  22. ^ "SquareTrade Recognized as Best Place to Work in Bay Area". SquareTrade. 2013-5-2. Retrieved 2014-3-14. 
  23. ^ "SquareTrade’s Steve Abernethy Recognized as One of Top Five Best CEOs in Bay Area". SquareTrade. 2013-5-21. Retrieved 2014-3-14. 
  24. ^ "SquareTrade to Bring the #1-Rated Protection Plan to Staples Customers". SquareTrade. 2013-6-21. Retrieved 2014-3-14.