Company type | Subsidiary |
---|---|
NYSE: VVNT (2020–2023) | |
Industry | Security systems, fire detection, home automation |
Founded | 1997 | (as APX Alarm Security Solutions)
Founder | |
Headquarters | Provo, Utah, U.S. |
Key people |
|
Revenue | US$1,682 million (2022) |
US$−154 million (2022) | |
US$−51 million (2022) | |
Total assets | US$2,878 million (2022) |
Total equity | US$1,702 million (2022) |
Number of employees | 12,000 (2022) |
Parent | NRG Energy |
Website | vivint |
Footnotes /references Financials as of December 31,2022 [update] . References: [1] |
Vivint Smart Home, Inc. is a United States-based smart home company. A subsidiary of NRG Energy, it was founded by Keith Nellesen and Todd Pedersen in 1999. Its products provide a unified access point to manage all smart home features, with 2 million customers as of 2023. [2]
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]
The company launched Vivint Solar, a solar energy company, in 2011. [7] Vivint Solar went public in October 2014 and was later purchased by Sunrun. [8] [9]
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. [10] [11]
Vivint's former CEO Todd Pedersen appeared on the CBS television show Undercover Boss in February 2015. [12]
In 2015, Vivint became the official safety sponsor for Autism Speaks. [13]
The 2017 J.D. Power 2017 Home Security Satisfaction Study ranked Vivint as the "Highest in Home Security Customer Satisfaction" among home security brands. [14] The 2020 Home Security Satisfaction Study ranked Vivint second, behind AT&T Digital Life. [15]
In January 2020, Vivint completed a merger with Mosaic Acquisition Corp. and became a publicly traded company on the New York Stock Exchange. [16]
In December 2022, NRG announced the acquisition of Vivint Smart Home for $2.8 billion in cash, adding home security and automation to its offerings, expected to close on the first quarter of 2023. [17]
In 2023, under the Vivint Gives Back program the company's employees packed and delivered 40,000 meal kits in cooperation with the Granite Education Foundation for children. [18]
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. [19] In April 2018 Vivint and the Utah Jazz added a new sensory room at the arena for children with autism spectrum disorder. On July 1, 2023, the arena was renamed back to the Delta Center. [20]
Vivint offers home security products, including doorbell cameras, smart thermostats, indoor cameras, and integrations with lighting. [21] [22] [23] [24] [25] In 2019, Vivint launched products for car security, and outdoor home security cameras. [25] [26]
In 2017, Vivint announced a partnership with Airbnb to allow hosts to integrate Airbnb accounts with Vivint products. [27] In 2018, Vivint collaborated with Google to include two Google Home Mini devices in starter kits. [28]
Prior to its acquisition, Vivint settled lawsuits with Arkansas, Oregon, Ohio, and Nebraska [29] [30] [31] [32] along with two class-action lawsuits for alleged violations of the TCPA. [33] [34] [35] [36] Vivint has also alleged patent infringement against former competitor, ADT Inc. when it was a security company. [37] In 2018, ADT agreed to a $10 million settlement with Vivint after ADT claimed agents misled nearly 1,000 customers to sign up. [38]
In May 2021, Vivint was fined $20 million for violations of the Fair Credit Reporting Act under Federal Trade Commission Act of 1914 when sales representatives used the names and identities of people without their consent in the place of customers who failed credit checks. Vivint then sold the debt to collectors in violation of the FTC's Red Flags Rule. [39] [40]
In December 2021, CPI Security alleged that Vivint sales representatives used deceptive tactics to acquire CPI's customers, including claiming that Vivint acquired CPI. [41] [42] In March 2022, Vivint paid $400,000 in penalties and restitution after the Arizona Attorney General alleged Vivint's sales representatives used deceptive marketing practices, including false representations of Vivint services, false claims that the customer's security company was being bought by Vivint, and non-consensual extensions of contracts. [43] [44]
Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate business has actively acquired commercial real estate. Blackstone is also active in credit, infrastructure, hedge funds, insurance, secondaries, and growth equity. As of June 2023, the company's total assets under management were approximately US$1 trillion, making it the largest alternative investment firm globally.
Rockwell Automation, Inc. is an American provider of industrial automation and digital transformation technologies. Brands include Allen-Bradley, FactoryTalk software and LifecycleIQ Services.
Emerson Electric Co. is an American multinational corporation headquartered in Ferguson, Missouri. The Fortune 500 company manufactures products and provides engineering services for industrial, commercial, and consumer markets. Emerson has approximately 86,700 employees and 170 manufacturing locations.
ADT Inc., formerly The ADT Corporation, is an American security company that provides residential and small business electronic security, fire protection, and other related alarm monitoring services throughout the United States. The corporate head office is located in Boca Raton, Florida. In February 2016, the company was acquired by Apollo Global Management for $6.9 billion in a leveraged buyout. In January 2018, the company went public on the New York Stock Exchange.
Nu Skin Enterprises, Inc. is an American multilevel marketing company that develops and sells personal care products and dietary and nutritional supplements. Under the Nu Skin and Pharmanex brands, the company sells its products in 54 markets through a network of approximately 1.2 million independent distributors.
NRG Energy, Inc. is an American energy company, headquartered in Houston, Texas. It was formerly the wholesale arm of Northern States Power Company (NSP), which became Xcel Energy, but became independent in 2000. NRG Energy is involved in energy generation and retail electricity. Their portfolio includes natural gas generation, coal generation, oil generation, nuclear generation, wind generation, utility-scale generation, and distributed solar generation. NRG serves over 7 million retail customers in 24 US states including Texas, Connecticut, Delaware, Illinois, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Ohio; the District of Columbia, and eight provinces in Canada.
Verint Systems is a Melville, New York–based analytics company which was founded in 2002. The company sells software and hardware products for customer engagement management and business intelligence. Their products are designed to assist clients in data analysis, specifically large data sets.
The Delta Center is an indoor venue in Salt Lake City. Opened in 1991, the arena is the home of the Utah Jazz of the National Basketball Association (NBA) and the Utah NHL team of the National Hockey League (NHL). Over the years, it has also hosted other professional sports teams including the Utah Blaze of the Arena Football League and the Utah Starzz of the Women's National Basketball Association (WNBA). With a seating capacity of 18,306 for basketball, up to 16,200 for ice hockey and indoor football, and 20,000 for concerts, the arena offers space for many kinds of events. It has 56 luxury suites and 668 club seats. During the 2002 Winter Olympics, the arena hosted figure skating and short-track speed skating competitions under the name "Salt Lake Ice Center".
SunEdison, Inc. is a renewable energy company headquartered in the U.S. In addition to developing, building, owning, and operating solar power plants and wind energy plants, it also manufactures high purity polysilicon, monocrystalline silicon ingots, silicon wafers, solar modules, solar energy systems, and solar module racking systems. Originally a silicon-wafer manufacturer established in 1959 as the Monsanto Electronic Materials Company, the company was sold by Monsanto in 1989.
Sunrun Inc. is an American provider of photovoltaic systems and battery energy storage products, primarily for residential customers. The company was established in 2007 and is headquartered in San Francisco, California.
Monitronics International, Inc. is an American security company that offers home security systems under the name Brink's Home.
Ambit Energy is an international multi-level marketing company that provides electricity and natural gas services in energy markets in the U.S. that have been deregulated. The company's corporate headquarters are located in Dallas, Texas, and its operations/call center headquarters are located in Barranquilla, Colombia. Ambit Energy was founded in 2006 in Addison, Texas by Jere Thompson Jr. and Chris Chambless.
Alarm.com, Inc. is an American technology company that provides cloud-based services for remote control, home automation, and alarm monitoring services.
Google Nest is a line of smart home products including smart speakers, smart displays, streaming devices, thermostats, smoke detectors, routers and security systems including smart doorbells, cameras and smart locks.
Todd Richard Pedersen is an American entrepreneur and the founder of Vivint, Inc., a home automation, security and energy company. Vivint, Inc. was acquired in late 2012 by the Blackstone Group.
Vivint Solar was an American provider of photovoltaic solar energy generation systems, primarily for residential customers. The company was established in 2011 as an offshoot of home automation and security company Vivint and was headquartered in Lehi, Utah. The company primarily used a power purchase agreement (PPA) business model where Vivint Solar installed and maintained a solar system on a customer's home, then sold power to the customer at an agreed upon rate for a set term. In 2020, the company was purchased by Sunrun, another solar company primarily focused on the PPA business model for $3.2 billion.
Space Monkey is a cloud storage company founded by Clint Gordon-Carroll and Alen Peacock in 2011. Space Monkey created a cloud storage service that puts consumer data both on a hard drive located in the home and backed up on other devices. The company's user network is distributed through the cloud. The service prevents data loss due to failing hardware while allowing consumers to access their files anywhere in the world via the cloud.
Keith Nellesen is an American entrepreneur and the co-founder of Vivint, Inc., a home automation, security and solar energy company. Vivint, Inc. was acquired in late 2012 for $2.2 Billion by the Blackstone Group. Following the sale of Vivint Nellesen invested in NUVI where he subsequently assumed the role of CEO from founder David Oldham. Nellesen, was CEO from May 2014 to October 2015 and again resumed the CEO position from Cameron Jensen in late 2016. Nellesen was previously chairman and CEO at MoneyReef.
The Enterprise Solar Farm is an 80 MWAC (105 MWp) photovoltaic power station located about 25 miles west of Cedar City, Utah in Iron County. The project was developed by SunEdison, built by Mortenson Construction, and commissioned in September 2016. The electricity is being sold under a 20-year power purchase agreement to Rocky Mountain Power which serves customers in Utah, Idaho, and Wyoming.
Reliance Home Comfort is a residential and commercial services company headquartered in Canada primarily focused on rental, sales and maintenance of water heaters, water purification, smart home and heating, ventilation, and air conditioning systems. The company has its largest base of operations in Ontario, but also has offices in western Canada and the United States. As of 2017, it served 1.7 million customer households across Canada.