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Vivint

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Vivint Smart Home, Inc.
Company typeSubsidiary
NYSE: VVNT (2020–2023)
IndustrySecurity systems, fire detection, home automation
Founded1997; 27 years ago (1997) (as APX Alarm Security Solutions)
Founder
HeadquartersProvo, Utah,
U.S.
Key people
  • Mauricio Gutierrez
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 31, 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, with 2 million customers as of 2023.[2]

History

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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] Between 2015 and 2023, Vivint acquired the naming rights to rename the Utah Jazz's home arena to Vivint Arena, where in April 2018 Vivint added a new sensory room at the arena for children with autism spectrum disorder.[14][15]

The 2017 J.D. Power 2017 Home Security Satisfaction Study ranked Vivint as the "Highest in Home Security Customer Satisfaction" among home security brands.[16] The 2020 Home Security Satisfaction Study ranked Vivint second, behind AT&T Digital Life.[17]

In January 2020, Vivint completed a merger with Mosaic Acquisition Corp. and became a publicly traded company on the New York Stock Exchange.[18]

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.[19]

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.[20]

Products and services

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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]

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Prior to its acquisition by NRG, Vivint settled lawsuits with Arkansas, Oregon, Ohio, and Nebraska[29][30] along with two class-action lawsuits for alleged violations of the Telephone Consumer Protection Act of 1991.[31][32][33][34] In 2018, ADT agreed to a $10 million settlement with Vivint after ADT claimed agents misled nearly 1,000 customers to sign up.[35][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

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References

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  1. ^ "Vivint Smart Home, Inc. 2022 Annual Report (10-K)". March 1, 2023.
  2. ^ "Vivint Smart Home Achieves 2 Million Customers". Security Sales. Retrieved 26 April 2024.
  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. ^ "Vivint Solar to hire 40 in San Francisco".
  8. ^ "Blackstone Scores $1.1 Billion Gain in Vivint Solar Debut". Bloomberg.com. Bloomberg News. October 2014. Retrieved 30 October 2014.
  9. ^ "Sunrun Completes Acquisition of Vivint Solar to Accelerate Clean Energy Adoption and Enhance Customer Value". Sunrun Inc. 8 October 2020.
  10. ^ Annie Know (December 2, 2014). "UVU Opens Smart Marketing Lab". Salt Lake Tribune. Retrieved April 18, 2015.
  11. ^ KresLynn Knouse (February 4, 2014). "Vivint's $2 million gift establishes sales program at UVU". UVU Review. Retrieved April 18, 2015.
  12. ^ "Undercover boss Vivint". CBS Television. 14 December 2014.
  13. ^ "Vivint Partners with Autism Speaks as Nationwide Safety Sponsor". Autism Speaks. March 3, 2015. Retrieved April 18, 2015.
  14. ^ "LHM Sports & Entertainment Introduces Vivint Smart Home Arena for the Utah Jazz". www.nba.com.
  15. ^ "NBA makes space for fans with autism spectrum disorder". CNN. 30 March 2018. Retrieved 8 April 2018.
  16. ^ "J.D. Power 2017 Home Security Satisfaction Study". J.D. Power.
  17. ^ "2020 Home Security Satisfaction Study". J.D. Power.
  18. ^ "Vivint Smart Home makes NYSE debut following megamerger". Deseret News. 21 January 2020. Retrieved 30 March 2020.
  19. ^ "NRG Energy to buy Vivint Smart Home for $2.8 bln". Reuters. 2022-12-06. Retrieved 2022-12-06.
  20. ^ "Vivint Gives Back Partners with Granite Education Foundation to Pack 40,000 Meal Kits". Tech Buzz. Retrieved 26 April 2024.
  21. ^ "Vivint launches a new home automation system complete with a tiny doorbell camera". techcrunch. 19 May 2015.
  22. ^ "Philips Hue bulbs can now be controlled via Vivint Smart Home". Slashgear. 19 October 2017. Retrieved 13 April 2018.
  23. ^ "Talk to Your Vivint Smart Home With Amazon Echo". CNET. Retrieved 22 July 2016.
  24. ^ "Smart home service provider Vivint introduces Sky, for an even smarter smart home". TechHive. 2017-01-04. Retrieved 2019-05-07.
  25. ^ a b "Vivint update monitors car and home security from one app". CNET. Retrieved 24 April 2019.
  26. ^ "Vivint's new out door camera pro helps stop thieves before they strike". Forbes. Retrieved 24 April 2019.
  27. ^ "Vivint and Airbnb join forces to protect your rental". CNET. Retrieved 8 April 2018.
  28. ^ "Vivint Smart Home bundles two Google Minis with its starter kits, nudging users toward voice control". TechHive. 19 June 2018. Retrieved 29 June 2018.
  29. ^ Antone Gonsalves (20 April 2011). "To Sell Home Automation, Vivint Needs 'Some Aggressiveness'". Bloomberg News. Retrieved November 23, 2014.
  30. ^ "Ohio Attorney General's Office Consumer Protection Section". Archived from the original on November 29, 2014. Retrieved November 23, 2014.
  31. ^ "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.
  32. ^ "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.
  33. ^ "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.
  34. ^ Smith, Tom (January 17, 2017). "AG Announces Civil Settlement with Vivint Home Security". The Pittsburgh Reporter. Retrieved January 17, 2024.
  35. ^ "Vivint agrees to pay $10 million to settle lawsuit alleging deceptive sales practices". The Salt Lake Tribune. Retrieved 2021-05-10.
  36. ^ "ADT Bid to Block Imports of Vivint Systems to Be Probed at ITC". news.bloomberglaw.com.
  37. ^ 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.
  38. ^ "Vivint reaches $20M settlement with FTC over allegations of fraudulent use of credit reports". The Salt Lake Tribune. Retrieved 2021-05-10.
  39. ^ "Vivint Smart Home goes to trial Monday with $50 million on the line". KSTU. January 1, 2022.
  40. ^ "Vivint Smart Home, CPI Security deceptive practices trial to get underway". www.securitysystemsnews.com.
  41. ^ "Vivint Smart Home agrees to pay restitution to customers in Arizona". KSTU. May 14, 2022.
  42. ^ "AG Brnovich Reaches $400,000 Consent Judgment with Home Security Company". 11 March 2022.
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