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Likewize

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Brightstar Corporation
Company typePrivate
IndustryWireless telecommunications
Founded1997
HeadquartersDallas, Texas, United States
Key people
Rod Millar, CEO
ProductsDevice and Accessories Distribution, Logistics, Supply Chain, Device Buyback and Trade-in, Handset Protection and Insurance, Multi-channel Retail and Mobile Financing Services, and Mobile Digital Solutions
RevenueUS$10 billion+ (2014)
Number of employees
4,000
ParentSoftBank Group Edit this on Wikidata
Websitewww.brightstar.com

Brightstar Corp. is an American privately held corporation founded in 1997. It provides global wireless distribution and services, serving mobile device manufacturers, wireless operators and retailers.[1] Brightstar offers device and accessories distribution, handset protection and insurance, and mobile digital products. In 2019, Brightstar was named by Forbes as one of "America's Best Midsize Employers".[2]

History

Brightstar was founded by Marcelo Claure in 1997.[3]

In September 1998, less than a year since the founding of the company, Brightstar was acquired by CHS Electronics,[4] a telecommunications company founded by Venezuelan entrepreneur Claudio Osorio in 1994, who was accused in 1999 of securities fraud and misleading investors[5] and is currently serving a 12.5 year jail sentence over $50 million investment fraud scheme in which he conspired to steal $40 million from 10 investors and an additional $10 million from a federal government program.[6][7] In October 1999, CHS Electronics sold back Brightstar to original owners.[8]

Brightstar Corp acquired eSecuritel, an Alpharetta, GA based cell phone insurance service provider, from Mainsail Partners in April, 2011.[9]

In October 2013, Japanese SoftBank paid $1.26 billion for a 57% stake in Brightstar.[10]

A Brightstar Warehouse in Sweden

In February 2014, Brightstar Corp. completed its acquisition of 20:20 Mobile, a European mobile provider.[11]

In July 2014, Brightstar Corp. and Bharti Enterprises announced that they entered into an agreement to have Brightstar acquire a majority stake in Beetel Teletech, a Bharti company.[12]

In February 2015, Jaymin Patel was appointed CEO of the company, replacing Claure.[13]

In June 2018, Brightstar acquired Next Wireless Group, an online seller of used smartphones.[14] In August 2018, Jaymin Patel resigned as CEO of the company.[13] Reza Taleghani, Brightstar's CFO became interim CEO of the company.[13] As of June 2019, Rod Millar serves as CEO of the company.[15]

In November 2019, Brightstar acquired Risk Insure which will enable Brightstar "to broaden its portfolio in the wireless industry."[16]

In April 2020, the company acquired WeFix.[17] In September, SoftBank sold the company to Brightstar Capital Partners for an undisclosed amount.[18]

In May 2021, the company left the Swedish market due to a “unfair and discriminatory treatment” by the Swedish Tax Agency. The Swedish tax authority have made a claim of SEK 295m (USD $35m) for outstanding VAT payments.[19][20]

In September 2021 the company announced it was rebranding to reflect a new services direction. Under the new name “Likewize,” the company is focusing on its Protect, Repair, Renew and Support capabilities, showcasing its move to provide a range of tech services, in-store and at-home repair, recycling and support. [21]

The company's headquarters are located in Dallas, Texas.[13]

References

  1. ^ "About Brightstar - Brightstar Corporation Web Page". Archived from the original on 2012-11-01.
  2. ^ "Forbes Names Brightstar As One Of "America's Best Midsize Employers" For 2019". EconoTimes. 2019-12-16. Retrieved 2020-08-24.
  3. ^ Gale, Kevin (18 October 2013). "How Brightstar CEO Marcelo Claure turned a freebie into a $1.26 billion deal". South Florida Business Journal.{{cite web}}: CS1 maint: url-status (link)
  4. ^ BRIEFING, BUSINESS. "CHS BUYS BRIGHTSTAR". Sun-Sentinel.com. Retrieved 10 November 2021. {{cite news}}: |first1= has generic name (help)
  5. ^ Frates, Chris. "Overlooked red flags thrust Jeb Bush into scandal - CNNPolitics". CNN. Retrieved 10 November 2021.
  6. ^ "Miami Businessman helf". Miamiherald. Retrieved 10 November 2021.
  7. ^ Frates, By Chris (30 March 2015). "Jeb Bush missed red flags in Florida business scandal | CNN Politics". CNN. Retrieved 10 November 2021.
  8. ^ "CHS ELECTRONICS INC". Sec.gov. Retrieved 10 November 2021.
  9. ^ Partners, Mainsail (2011-04-05). "Brightstar Corporation Acquires eSecuritel". Mainsail. Retrieved 2020-11-20.
  10. ^ Carew, Sinead (2013-10-18). "SoftBank to spend $1.26 billion for majority Brightstar stake". Reuters. Retrieved 2020-07-31.{{cite news}}: CS1 maint: url-status (link)
  11. ^ "BRIGHTSTAR EXPANDS GLOBAL PRESENCE WITH ACQUISITION OF 20:20 MOBILE GROUP IN EUROPE". Yahoo Finance. 5 December 2013. Retrieved 2020-07-31.{{cite web}}: CS1 maint: url-status (link)
  12. ^ "Brightstar acquires majority stake in Bharti Group's Beetel Teletech". The Economic Times. Retrieved 2020-07-31.
  13. ^ a b c d Reiser, Emon (12 July 2018). "Brightstar Corp. CEO to resign". South Florida Business Journal.{{cite web}}: CS1 maint: url-status (link)
  14. ^ Reiser, Emon (19 June 2018). "SoftBank Group Corp. subsidiary buys online seller of used smartphones". South Florida Business Journal.{{cite web}}: CS1 maint: url-status (link)
  15. ^ Sladky, Lynne (2019-10-25). "SoftBank hopes new WeWork leader will be 'guided missile' to fix it". Los Angeles Times. Retrieved 2020-07-31.{{cite web}}: CS1 maint: url-status (link)
  16. ^ "BrightStar Corp. Acquires Right Insure". NuWireInvestor. 2019-11-21. Retrieved 2020-08-24.
  17. ^ McCaskill, Steve (21 April 2020). "Brightstar acquires device repair firm WeFix". TechRadar. Retrieved 2020-07-31.{{cite web}}: CS1 maint: url-status (link)
  18. ^ Narioka, Kosaku; Dvorak, Phred (2020-09-18). "SoftBank Sells Brightstar, Carrying On Its Divestiture Spree". Wall Street Journal. ISSN 0099-9660. Retrieved 2020-10-13.{{cite news}}: CS1 maint: url-status (link)
  19. ^ Grill Pettersson, Mikael (2021-05-24). "Efter anklagelserna: Mobiljätten lämnar Sverige efter 45 år". SVT Nyheter (in Swedish). Retrieved 2021-05-24.
  20. ^ "Brightstar Corp. to withdraw from the Swedish Market due to unfair and discriminatory treatment by the Swedish Tax Agency". News Powered by Cision. Retrieved 2021-05-24.
  21. ^ "Brightstar's transformation into Likewize reflects new focus". FierceWireless. Retrieved 2021-09-01.
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