Jump to content

Vivint: Difference between revisions

Edit links
From Wikipedia, the free encyclopedia
Browse history interactively
← Previous editNext edit →
Content deleted Content added
VisualWikitext
I.Ovalle (talk | contribs)
205 edits
→‎History: NRG acquisition
Line 43: Line 43:


In January 2020, Vivint completed a merger with Mosaic Acquisition Corp. and became a publicly traded company on the New York Stock Exchange.<ref name = deseret>{{cite web | url = https://www.deseret.com/utah/2020/1/21/21075466/vivint-smart-home-nyse-stock-softbank-mega-merger | publisher = Deseret News | title = Vivint Smart Home makes NYSE debut following megamerger| date = 21 January 2020 | access-date = 30 March 2020}}</ref>
In January 2020, Vivint completed a merger with Mosaic Acquisition Corp. and became a publicly traded company on the New York Stock Exchange.<ref name = deseret>{{cite web | url = https://www.deseret.com/utah/2020/1/21/21075466/vivint-smart-home-nyse-stock-softbank-mega-merger | publisher = Deseret News | title = Vivint Smart Home makes NYSE debut following megamerger| date = 21 January 2020 | access-date = 30 March 2020}}</ref>

In December 2022, NRG announced the acquisition of [[Vivint|Vivint Smart Home]] for $2.8 billion in cash, adding home security and automatation to its vast product offer, expected to close on the first quarter of 2023.<ref>{{Cite web|date=2022-12-06|url=https://www.reuters.com/markets/deals/nrg-energy-buy-vivint-smart-home-28-bln-2022-12-06/|title=NRG Energy to buy Vivint Smart Home for $2.8 bln|access-date=2022-12-06|website=Reuters}}</ref>


===Vivint Solar===
===Vivint Solar===

Revision as of 12:23, 6 December 2022

Vivint Smart Home, Inc.
Company typePublic
NYSE: VVNT
IndustrySecurity systems, fire detection, home automation
Founded1997 (as APX Alarm Security Solutions)
Founder
HeadquartersProvo, Utah,
U.S.
Key people
  • David Bywater (CEO)
  • Alex Dunn (president)
RevenueIncreaseUS$1,479 million (2021)
IncreaseUS$−154 million (2021)
IncreaseUS$−306 million (2021)
Total assetsDecreaseUS$2,786 million (2021)
Total equityDecreaseUS$1,740 million (2021)
Number of employees
11,000 (2021)
Websitevivint.com
Footnotes / references
Financials as of December 31, 2021.
References:[1][2]

Vivint is a public smart home company in the United States and Canada. It was founded by Keith Nellesen and Todd Pedersen in 1999.

In 2012, The Blackstone Group acquired Vivint for more than $2 billion. In January 2020, the company completed a merger and became a publicly traded company on the New York Stock Exchange.

History

In 1999, Keith Nellesen and Todd Pedersen co-founded APX Alarm Security Solutions in Provo, Utah.[3][4] At the time, the company sold and installed security systems.[3] APX Alarm Security Solutions rebranded as Vivint in February 2011.[3][5] Vivint was acquired by The Blackstone Group in November 2012.[6]

In February 2014, the company donated $1 million to the Utah Valley University, along with a $1 million investment from Vivint's CEO, to establish a professional sales program and a SMART Lab for marketing research.[7][8]

Vivint's former CEO Todd Pedersen appeared on the CBS television show Undercover Boss in February 2015.[9]

In 2015, Vivint became the official safety sponsor for Autism Speaks.[10]

The 2017 J.D. Power 2017 Home Security Satisfaction Study ranked Vivint as the "Highest in Home Security Customer Satisfaction" among home security brands.[11] The 2020 Home Security Satisfaction Study ranked Vivint second, behind AT&T Digital Life.[12]

In January 2020, Vivint completed a merger with Mosaic Acquisition Corp. and became a publicly traded company on the New York Stock Exchange.[13]

In December 2022, NRG announced the acquisition of Vivint Smart Home for $2.8 billion in cash, adding home security and automatation to its vast product offer, expected to close on the first quarter of 2023.[14]

Vivint Solar

The company launched Vivint Solar, a solar energy company, in 2011.[15] Vivint Solar went public in October 2014 and was later purchased by Sunrun.[16][17]

Vivint Arena

On October 26, 2015, Vivint acquired the naming rights to the Utah Jazz's home arena, renaming the building as Vivint Arena. The contract lasts for 10 years.[18] In April 2018 Vivint and the Utah Jazz added a new sensory room at the arena for children with autism spectrum disorder.[19]

Products and services

Vivint offers home security products, including doorbell cameras, smart thermostats, indoor cameras, and integrations with lighting.[20][21][22][23][24] In 2019, Vivint launched products for car security, and outdoor home security cameras.[24][25]

In 2017, Vivint announced a partnership with Airbnb to allow hosts to integrate their Airbnb account with Vivint products.[26] In 2018, Vivint collaborated with Google to include two Google Home Mini devices in their starter kits.[27]

Vivint has been the target of many lawsuits for its deceptive marketing and direct sales practices.[28][29] Vivint has also both sued, and been sued by, ADT Inc. over allegations of patent infringement.[30]

From 2009 through 2014 the company settled lawsuits with the states of Arkansas, Oregon, Ohio, and Nebraska.[31][32][33][34][35] In 2014, Vivint settled two federal class-action lawsuits for alleged violations of the TCPA.[36][37]

In 2018, Vivint agreed to a $10 million settlement with ADT after ADT claimed that Vivint agents had fraudulently signed up ADT’s customers to Vivint contracts. According to ADT they received nearly 1,000 complaints by its customers over the practice.[38]

In May 2021, Vivint was fined $20 million for violations of the Fair Credit Reporting Act under Federal Trade Commission Act of 1914. According to regulators, Vivint's sales representatives used the names and identities of people without their knowledge or consent in the place of customers who failed credit checks. Vivint then sold this false debt to debt collectors in violation of the FTC's Red Flags Rule.[39][40]

In December 2021, Vivint was sued by CPI Security over allegations that Vivint sales representatives used deceptive tactics to acquire CPI's customers, including claiming that Vivint was buying out CPI.[41][42]

In March 2022, Vivint settled a case with the state of Arizona to pay $325,000 in penalties, and $75,000 in restitution. The Arizona Attorney General's office alleges that Vivint's sales representatives used deceptive marketing practices, including false representations of Vivint services and policies, false claims that the customer's current security company was being bought by Vivint, and non-consensual extensions of contracts.[43][44]

See also

References

  1. ^ "Vivint Smart Home, Inc. 2021 Annual Report (10-K)" (PDF). March 1, 2022.
  2. ^ Kilgore, Tomi. "Vivint Smart Home names David Bywater its new CEO". Market Watch. Retrieved 7 June 2021.
  3. ^ a b c Antone Gonsalves (April 20, 2011). "To Sell Home Automation, Vivint Needs 'Some Aggressiveness'". Bloomberg.com. Retrieved October 19, 2014.
  4. ^ Mochari, Ilan (10 November 2014). "Move Over, Silicon Valley: Utah Has Arrived". Inc. Retrieved 13 March 2015.
  5. ^ Sheila Shayon (February 25, 2011). "Goldman Sachs Stakes Vivint Rebrand as Smart Home Player". Retrieved October 19, 2014.
  6. ^ "Blackstone Announces Closing of Vivint Transaction". Blackstone.com. 2012-11-19. Retrieved 2013-10-09.
  7. ^ Annie Know (December 2, 2014). "UVU Opens Smart Marketing Lab". Salt Lake Tribune. Retrieved April 18, 2015.
  8. ^ KresLynn Knouse (February 4, 2014). "Vivint's $2 million gift establishes sales program at UVU". UVU Review. Retrieved April 18, 2015.
  9. ^ "Undercover boss Vivint". CBS Television.
  10. ^ "Vivint Partners with Autism Speaks as Nationwide Safety Sponsor". Autism Speaks. March 3, 2015. Retrieved April 18, 2015.
  11. ^ "J.D. Power 2017 Home Security Satisfaction Study". J.D. Power.
  12. ^ "2020 Home Security Satisfaction Study". J.D. Power.
  13. ^ "Vivint Smart Home makes NYSE debut following megamerger". Deseret News. 21 January 2020. Retrieved 30 March 2020.
  14. ^ "NRG Energy to buy Vivint Smart Home for $2.8 bln". Reuters. 2022-12-06. Retrieved 2022-12-06.
  15. ^ "Vivint Solar to hire 40 in San Francisco".
  16. ^ "Blackstone Scores $1.1 Billion Gain in Vivint Solar Debut". Bloomberg News. Retrieved 30 October 2014.
  17. ^ "Sunrun Completes Acquisition of Vivint Solar to Accelerate Clean Energy Adoption and Enhance Customer Value". Sunrun Inc.
  18. ^ "LHM Sports & Entertainment Introduces Vivint Smart Home Arena for the Utah Jazz". www.nba.com.
  19. ^ "NBA makes space for fans with autism spectrum disorder". CNN. 30 March 2018. Retrieved 8 April 2018.
  20. ^ "Vivint launches a new home automation system complete with a tiny doorbell camera". techcrunch.
  21. ^ "Philips Hue bulbs can now be controlled via Vivint Smart Home". Slashgear. 19 October 2017. Retrieved 13 April 2018.
  22. ^ "Talk to Your Vivint Smart Home With Amazon Echo". CNET. Retrieved 22 July 2016.
  23. ^ "Smart home service provider Vivint introduces Sky, for an even smarter smart home". TechHive. 2017-01-04. Retrieved 2019-05-07.
  24. ^ a b "Vivint update monitors car and home security from one app". CNET. Retrieved 24 April 2019.
  25. ^ "Vivint's new out door camera pro helps stop thieves before they strike". Forbes. Retrieved 24 April 2019.
  26. ^ "Vivint and Airbnb join forces to protect your rental". CNET. Retrieved 8 April 2018.
  27. ^ "Vivint Smart Home bundles two Google Minis with its starter kits, nudging users toward voice control". TechHive. 19 June 2018. Retrieved 29 June 2018.
  28. ^ "Vivint to Pay Wyoming $100,000 in Door-to-Door Sales Settlement – Security Sales & Integration". Security Sales & Integration. 2017-05-30. Retrieved 2017-10-02.
  29. ^ "South Pittsburgh Reporter". South Pittsburgh Reporter. South Pittsburgh Reporter. Retrieved 23 January 2019.
  30. ^ "ADT Bid to Block Imports of Vivint Systems to Be Probed at ITC". news.bloomberglaw.com.
  31. ^ Antone Gonsalves. "To Sell Home Automation, Vivint Needs 'Some Aggressiveness'". Bloomberg News. Retrieved November 23, 2014.
  32. ^ "Security firms settle with state". September 27, 2012. Retrieved November 23, 2014.
  33. ^ "Oregon Department of Justice – Settlement Requires Security Alarm Company to Pay $60,000 and Stop Misleading and Aggressive Sales Tactics". Doj.state.or.us. 2010-04-28. Retrieved 2013-11-15.
  34. ^ "Home security company fined for consumer protection allegations". Retrieved November 23, 2014.
  35. ^ "Ohio Attorney General's Office Consumer Protection Section". Retrieved November 23, 2014.
  36. ^ "Johansen v. Vivint, Inc. :: Illinois Northern District Court :: Case No. 1:12-cv-07159, Judge Marvin E. Aspen presiding". plainsite.org. Retrieved 2014-05-24.
  37. ^ "Benzion et al v. Vivint, Inc. :: Florida Southern District Court :: Case No. 0:12-cv-61826, Judge William J. Zloch presiding". plainsite.org. Retrieved 2014-05-24.
  38. ^ "Vivint agrees to pay $10 million to settle lawsuit alleging deceptive sales practices". The Salt Lake Tribune. Retrieved 2021-05-10.
  39. ^ Public Domain This article incorporates public domain material from websites or documents of the United States Department of Justice. "Vivint Smart Home to Pay $20 Million for Violating the Fair Credit Reporting Act". www.justice.gov. 2021-04-29. Retrieved 2021-05-10.
  40. ^ "Vivint reaches $20M settlement with FTC over allegations of fraudulent use of credit reports". The Salt Lake Tribune. Retrieved 2021-05-10.
  41. ^ "Vivint Smart Home goes to trial Monday with $50 million on the line". KSTU. January 1, 2022.
  42. ^ News, Security Systems. "Vivint Smart Home, CPI Security deceptive practices trial to get underway". www.securitysystemsnews.com. {{cite web}}: |last= has generic name (help)
  43. ^ "Vivint Smart Home agrees to pay restitution to customers in Arizona". KSTU. May 14, 2022.
  44. ^ "AG Brnovich Reaches $400,000 Consent Judgment with Home Security Company".
Wikimedia Commons has media related to Vivint.
  • Official website
  • Business data for Vivint:
Retrieved from "https://en.wikipedia.org/w/index.php?title=Vivint&oldid=1125892690"