Company:Vivint

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Short description: American smart home services provider
Vivint Smart Home, Inc.
TypeSubsidiary
NYSE: VVNT (2020–2023)
IndustrySecurity systems, fire detection, home automation
Founded1997; 27 years ago (1997) (as APX Alarm Security Solutions)
Founder
  • Todd Pedersen
  • Keith Nellesen
HeadquartersProvo, Utah,
U.S.
Key people
  • Rasesh Patel (president)
RevenueIncreaseUS$1,682 million (2022)
IncreaseUS$−154 million (2022)
IncreaseUS$−51 million (2022)
Total assetsIncreaseUS$2,878 million (2022)
Total equityDecreaseUS$1,702 million (2022)
Number of employees
12,000 (2022)
ParentNRG Energy
Websitevivint.com
Footnotes / references
Financials (As of December 2022).
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.

History

Vivint Smart Home logo prior to 2020

In 1999, Keith Nellesen and Todd Pedersen co-founded APX Alarm Security Solutions in Provo, Utah.[2][3] At the time, the company sold and installed security systems.[2] APX Alarm Security Solutions rebranded as Vivint in February 2011.[2][4] Vivint was acquired by The Blackstone Group in November 2012.[5]

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.[6][7]

Vivint's former CEO Todd Pedersen appeared on the CBS television show Undercover Boss in February 2015.[8]

In 2015, Vivint became the official safety sponsor for Autism Speaks.[9]

The 2017 J.D. Power 2017 Home Security Satisfaction Study ranked Vivint as the "Highest in Home Security Customer Satisfaction" among home security brands.[10] The 2020 Home Security Satisfaction Study ranked Vivint second, behind AT&T Digital Life.[11]

In January 2020, Vivint completed a merger with Mosaic Acquisition Corp. and became a publicly traded company on the New York Stock Exchange.[12]

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.[13]

Vivint Solar

The company launched Vivint Solar, a solar energy company, in 2011.[14] Vivint Solar went public in October 2014 and was later purchased by Sunrun.[15][16]

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.[17] In April 2018 Vivint and the Utah Jazz added a new sensory room at the arena for children with autism spectrum disorder. On July 1st, 2023, the arena was renamed back to the Delta Center. [18]

Products and services

Vivint offers home security products, including doorbell cameras, smart thermostats, indoor cameras, and integrations with lighting.[19][20][21][22][23] In 2019, Vivint launched products for car security, and outdoor home security cameras.[23][24]

In 2017, Vivint announced a partnership with Airbnb to allow hosts to integrate their Airbnb account with Vivint products.[25] In 2018, Vivint collaborated with Google to include two Google Home Mini devices in their starter kits.[26]

Legal issues

Prior to its acquisition, Vivint settled lawsuits with Arkansas, Oregon, Ohio, and Nebraska[27][28][29][30] along with two class-action lawsuits for alleged violations of the TCPA.[31][32][33][34] Vivint has also alleged patent infringement against former competitor, ADT Inc. when it was a security company.[35] In 2018, ADT agreed to a $10 million settlement with Vivint after ADT claimed agents misled nearly 1,000 customers into signing up.[36]

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.[37][38]

In December 2021, CPI Security alleged that Vivint sales representatives used deceptive tactics to acquire CPI's customers, including claiming that Vivint acquired CPI.[39][40] 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.[41][42]

See also

References

  1. ↑ "Vivint Smart Home, Inc. 2022 Annual Report (10-K)". March 1, 2023. https://www.streetinsider.com/SEC+Filings/Form+10-K+Vivint+Smart+Home%2C+Inc.+For%3A+Dec+31/21274084.html. 
  2. ↑ 2.0 2.1 2.2 Antone Gonsalves (April 20, 2011). "To Sell Home Automation, Vivint Needs 'Some Aggressiveness'". Bloomberg.com. https://www.bloomberg.com/news/2011-04-20/to-sell-home-automation-vivint-needs-some-aggressiveness-.html. 
  3. ↑ Mochari, Ilan (10 November 2014). "Move Over, Silicon Valley: Utah Has Arrived". Inc.. http://www.inc.com/ilan-mochari/silicon-valley-utah.html?cid=em01016week46b. Retrieved 13 March 2015. 
  4. ↑ Sheila Shayon (February 25, 2011). "Goldman Sachs Stakes Vivint Rebrand as Smart Home Player". http://www.brandchannel.com/home/post/2011/02/25/Goldman-Sachs-Stakes-Vivint-Rebrand-as-Smart-Home-Player.aspx. 
  5. ↑ "Blackstone Announces Closing of Vivint Transaction". Blackstone.com. 2012-11-19. http://www.blackstone.com/news-views/details/blackstone-announces-closing-of-vivint-transaction. 
  6. ↑ Annie Know (December 2, 2014). "UVU Opens Smart Marketing Lab". Salt Lake Tribune. http://www.sltrib.com/home/1894701-155/uvu-opens-smart-marketing-lab. 
  7. ↑ KresLynn Knouse (February 4, 2014). "Vivint's $2 million gift establishes sales program at UVU". UVU Review. http://www.uvureview.com/2014/02/04/vivints-2-million-gift-establishes-sales-program-uvu/. 
  8. ↑ "Undercover boss Vivint". CBS Television. 14 December 2014. http://www.cbs.com/shows/undercover_boss/video/591AD6DC-B78A-BF25-9BED-A4A1468AD2FD/undercover-boss-vivint/. 
  9. ↑ "Vivint Partners with Autism Speaks as Nationwide Safety Sponsor". Autism Speaks. March 3, 2015. https://www.autismspeaks.org/about-us/press-releases/vivint-partners-autism-speaks-nationwide-safety-sponsor. 
  10. ↑ "J.D. Power 2017 Home Security Satisfaction Study". https://www.jdpower.com/business/press-releases/jd-power-2017-home-security-satisfaction-study. 
  11. ↑ "2020 Home Security Satisfaction Study". https://www.jdpower.com/business/press-releases/2020-home-security-satisfaction-study. 
  12. ↑ "Vivint Smart Home makes NYSE debut following megamerger". Deseret News. 21 January 2020. https://www.deseret.com/utah/2020/1/21/21075466/vivint-smart-home-nyse-stock-softbank-mega-merger. 
  13. ↑ "NRG Energy to buy Vivint Smart Home for $2.8 bln". 2022-12-06. https://www.reuters.com/markets/deals/nrg-energy-buy-vivint-smart-home-28-bln-2022-12-06/. 
  14. ↑ "Vivint Solar to hire 40 in San Francisco". http://www.bizjournals.com/sanfrancisco/print-edition/2012/07/27/vivint-solar-to-hire-40-in-san-francisco.html. 
  15. ↑ "Blackstone Scores $1.1 Billion Gain in Vivint Solar Debut". Bloomberg.com (Bloomberg News). October 2014. https://www.bloomberg.com/news/2014-10-01/blackstone-backed-vivint-solar-raises-330-million-in-u-s-ipo.html. 
  16. ↑ "Sunrun Completes Acquisition of Vivint Solar to Accelerate Clean Energy Adoption and Enhance Customer Value". 8 October 2020. https://investors.sunrun.com/news-events/press-releases/detail/216/sunrun-completes-acquisition-of-vivint-solar-to-accelerate. 
  17. ↑ "LHM Sports & Entertainment Introduces Vivint Smart Home Arena for the Utah Jazz". https://www.nba.com/jazz/news/lhm-sports-entertainment-introduces-vivint-smart-home-arena-utah-jazz. 
  18. ↑ "NBA makes space for fans with autism spectrum disorder". CNN. 30 March 2018. https://www.cnn.com/2018/03/30/health/nba-utah-jazz-sensory-room/index.html. 
  19. ↑ "Vivint launches a new home automation system complete with a tiny doorbell camera". techcrunch. 19 May 2015. https://techcrunch.com/2015/05/19/vivint-launches-a-new-home-automation-system-complete-with-a-tiny-doorbell-camera/#.thl5jp:8hsU. 
  20. ↑ "Philips Hue bulbs can now be controlled via Vivint Smart Home". Slashgear. 19 October 2017. https://www.slashgear.com/philips-hue-bulbs-can-now-be-controlled-via-vivint-smart-home-19504663/. 
  21. ↑ "Talk to Your Vivint Smart Home With Amazon Echo". https://www.cnet.com/au/products/vivint-ping/. 
  22. ↑ "Smart home service provider Vivint introduces Sky, for an even smarter smart home" (in en). 2017-01-04. https://www.techhive.com/article/3153666/smart-home-service-provider-vivint-introduces-sky-for-an-even-smarter-smart-home.html. 
  23. ↑ 23.0 23.1 "Vivint update monitors car and home security from one app". https://www.cnet.com/news/vivint-update-monitors-car-and-home-security-from-one-app/. 
  24. ↑ "Vivint's new out door camera pro helps stop thieves before they strike". Forbes. https://www.forbes.com/sites/anthonykarcz/2019/04/18/vivints-new-outdoor-camera-pro-helps-stop-thieves-before-they-strike/#42cc4b0e1227. Retrieved 24 April 2019. 
  25. ↑ "Vivint and Airbnb join forces to protect your rental". https://www.cnet.com/news/vivint-and-airbnb-join-forces-to-protect-your-rental-ces-2017/. 
  26. ↑ "Vivint Smart Home bundles two Google Minis with its starter kits, nudging users toward voice control". TechHive. 19 June 2018. https://www.techhive.com/article/3282826/connected-home/vivint-smart-home-and-google-mini.html. 
  27. ↑ Antone Gonsalves (20 April 2011). "To Sell Home Automation, Vivint Needs 'Some Aggressiveness'". https://www.bloomberg.com/news/2011-04-20/to-sell-home-automation-vivint-needs-some-aggressiveness-.html. 
  28. ↑ "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. http://www.doj.state.or.us/releases/pages/2010/rel042810.aspx. 
  29. ↑ "Home security company fined for consumer protection allegations". http://ag.ks.gov/search-results-detail/2013/03/15/home-security-company-fined-for-consumer-protection-allegations. 
  30. ↑ "Ohio Attorney General's Office Consumer Protection Section". http://www.ohioattorneygeneral.gov/getattachment/99919ecc-33be-4b19-ba5b-e03edcf21927/2013-Consumer-Annual-Report.aspx. 
  31. ↑ "Johansen v. Vivint, Inc. :: Illinois Northern District Court :: Case No. 1:12-cv-07159, Judge Marvin E. Aspen presiding". plainsite.org. http://www.plainsite.org/dockets/sqf4970m/illinois-northern-district-court/johansen-v-vivint-inc/. 
  32. ↑ "Benzion et al v. Vivint, Inc. :: Florida Southern District Court :: Case No. 0:12-cv-61826, Judge William J. Zloch presiding". plainsite.org. http://www.plainsite.org/dockets/sqg194i3/florida-southern-district-court/benzion-et-al-v-vivint-inc/. 
  33. ↑ "Vivint to Pay Wyoming $100,000 in Door-to-Door Sales Settlement – Security Sales & Integration" (in en-US). Security Sales & Integration. 2017-05-30. http://www.securitysales.com/news/vivint_wyoming_100000_door_to_door_sales_settlement/. 
  34. ↑ Smith, Tom (January 17, 2017). "AG Announces Civil Settlement with Vivint Home Security". The Pittsburgh Reporter. https://sopghreporter.com/2017/01/17/ag-vivint-home-security-settlement/. 
  35. ↑ "ADT Bid to Block Imports of Vivint Systems to Be Probed at ITC". https://news.bloomberglaw.com/international-trade/adt-bid-to-block-imports-of-vivint-systems-to-be-probed-at-itc. 
  36. ↑ "Vivint agrees to pay $10 million to settle lawsuit alleging deceptive sales practices" (in en-US). https://sltrib.com/news/2018/01/09/vivint-agrees-to-pay-10-million-to-settle-lawsuit-alleging-deceptive-sales-practices. 
  37. ↑ Template:DoJ"Vivint Smart Home to Pay $20 Million for Violating the Fair Credit Reporting Act" (in en). 2021-04-29. https://www.justice.gov/opa/pr/vivint-smart-home-pay-20-million-violating-fair-credit-reporting-act. 
  38. ↑ "Vivint reaches $20M settlement with FTC over allegations of fraudulent use of credit reports" (in en-US). https://sltrib.com/news/2021/04/29/vivint-reaches-m. 
  39. ↑ "Vivint Smart Home goes to trial Monday with $50 million on the line". January 1, 2022. https://www.fox13now.com/news/fox-13-investigates/vivint-smart-home-goes-to-trial-monday-with-50-million-on-the-line. 
  40. ↑ "Vivint Smart Home, CPI Security deceptive practices trial to get underway". https://www.securitysystemsnews.com/article/vivint-smart-home-cpi-security-deceptive-practices-trial-to-get-underway. 
  41. ↑ "Vivint Smart Home agrees to pay restitution to customers in Arizona". May 14, 2022. https://www.fox13now.com/news/local-news/vivint-smart-home-agrees-to-pay-restitution-to-customers-in-arizona. 
  42. ↑ "AG Brnovich Reaches $400,000 Consent Judgment with Home Security Company". 11 March 2022. https://www.azag.gov/press-release/ag-brnovich-reaches-400000-consent-judgment-home-security-company. 

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