Vivint Explained

Vivint Smart Home, Inc.
Type:Subsidiary
Parent:NRG Energy
Traded As: (2020–2023)
Industry:Security systems, fire detection, home automation
Foundation: (as APX Alarm Security Solutions)
Location:Provo, Utah
Hq Location Country:U.S.
Revenue Year:2022
Income Year:2022
Net Income Year:2022
Assets Year:2022
Equity Year:2022
Num Employees:12,000
Num Employees Year:2022
Footnotes:Financials .
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

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. APX Alarm Security Solutions rebranded as Vivint in February 2011.[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]

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.[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]

Products and services

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]

Legal issues

Prior to its acquisition by NRG, 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]

See also

Notes and References

  1. Web site: March 1, 2023 . Vivint Smart Home, Inc. 2022 Annual Report (10-K).
  2. Web site: Vivint Smart Home Achieves 2 Million Customers. Security Sales . 26 April 2024.
  3. News: To Sell Home Automation, Vivint Needs 'Some Aggressiveness'. Antone Gonsalves. Bloomberg.com. April 20, 2011. October 19, 2014.
  4. Move Over, Silicon Valley: Utah Has Arrived . . 10 November 2014 . 13 March 2015 . Mochari, Ilan.
  5. Web site: Goldman Sachs Stakes Vivint Rebrand as Smart Home Player. February 25, 2011. Sheila Shayon. October 19, 2014.
  6. Web site: Blackstone Announces Closing of Vivint Transaction . Blackstone.com . 2012-11-19 . 2013-10-09.
  7. News: Vivint Solar to hire 40 in San Francisco.
  8. News: Blackstone Scores $1.1 Billion Gain in Vivint Solar Debut . Bloomberg.com . October 2014 . 30 October 2014 . Bloomberg News.
  9. Web site: Sunrun Completes Acquisition of Vivint Solar to Accelerate Clean Energy Adoption and Enhance Customer Value. Sunrun Inc.. 8 October 2020 .
  10. News: UVU Opens Smart Marketing Lab. Annie Know. December 2, 2014. Salt Lake Tribune. April 18, 2015.
  11. Web site: Vivint's $2 million gift establishes sales program at UVU. KresLynn Knouse. February 4, 2014. UVU Review. April 18, 2015.
  12. Web site: Undercover boss Vivint . 14 December 2014 . CBS Television.
  13. Web site: Vivint Partners with Autism Speaks as Nationwide Safety Sponsor. March 3, 2015. Autism Speaks. April 18, 2015.
  14. Web site: J.D. Power 2017 Home Security Satisfaction Study. J.D. Power.
  15. Web site: 2020 Home Security Satisfaction Study. J.D. Power.
  16. Web site: Vivint Smart Home makes NYSE debut following megamerger. Deseret News . 21 January 2020 . 30 March 2020.
  17. Web site: 2022-12-06. NRG Energy to buy Vivint Smart Home for $2.8 bln. 2022-12-06. Reuters.
  18. Web site: Vivint Gives Back Partners with Granite Education Foundation to Pack 40,000 Meal Kits. Tech Buzz . 26 April 2024.
  19. Web site: LHM Sports & Entertainment Introduces Vivint Smart Home Arena for the Utah Jazz. www.nba.com.
  20. Web site: NBA makes space for fans with autism spectrum disorder. CNN . 30 March 2018 . 8 April 2018.
  21. Web site: Vivint launches a new home automation system complete with a tiny doorbell camera . 19 May 2015 . techcrunch.
  22. Web site: Philips Hue bulbs can now be controlled via Vivint Smart Home . Slashgear . 19 October 2017 . 13 April 2018.
  23. Web site: Talk to Your Vivint Smart Home With Amazon Echo . CNET . 22 July 2016.
  24. Web site: Smart home service provider Vivint introduces Sky, for an even smarter smart home. 2017-01-04. TechHive. en. 2019-05-07.
  25. Web site: Vivint update monitors car and home security from one app . CNET . 24 April 2019.
  26. Vivint's new out door camera pro helps stop thieves before they strike. Forbes . 24 April 2019.
  27. Web site: Vivint and Airbnb join forces to protect your rental . CNET . 8 April 2018.
  28. Web site: Vivint Smart Home bundles two Google Minis with its starter kits, nudging users toward voice control. 19 June 2018. TechHive . 29 June 2018.
  29. News: To Sell Home Automation, Vivint Needs 'Some Aggressiveness'. Antone Gonsalves. . 20 April 2011 . November 23, 2014.
  30. Web site: 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 . 2013-11-15.
  31. Web site: Home security company fined for consumer protection allegations. November 23, 2014.
  32. Web site: Ohio Attorney General's Office Consumer Protection Section. November 23, 2014. November 29, 2014. https://web.archive.org/web/20141129092416/http://www.ohioattorneygeneral.gov/getattachment/99919ecc-33be-4b19-ba5b-e03edcf21927/2013-Consumer-Annual-Report.aspx. dead.
  33. Web site: Johansen v. Vivint, Inc. :: Illinois Northern District Court :: Case No. 1:12-cv-07159, Judge Marvin E. Aspen presiding. plainsite.org. 2014-05-24.
  34. Web site: Benzion et al v. Vivint, Inc. :: Florida Southern District Court :: Case No. 0:12-cv-61826, Judge William J. Zloch presiding. plainsite.org. 2014-05-24.
  35. News: Vivint to Pay Wyoming $100,000 in Door-to-Door Sales Settlement – Security Sales & Integration. 2017-05-30. Security Sales & Integration. 2017-10-02. en-US.
  36. News: Smith . Tom . AG Announces Civil Settlement with Vivint Home Security . The Pittsburgh Reporter. January 17, 2017 . January 17, 2024.
  37. Web site: ADT Bid to Block Imports of Vivint Systems to Be Probed at ITC. news.bloomberglaw.com.
  38. Web site: Vivint agrees to pay $10 million to settle lawsuit alleging deceptive sales practices. 2021-05-10. The Salt Lake Tribune. en-US.
  39. Web site: 2021-04-29. Vivint Smart Home to Pay $20 Million for Violating the Fair Credit Reporting Act. 2021-05-10. www.justice.gov. en.
  40. Web site: Vivint reaches $20M settlement with FTC over allegations of fraudulent use of credit reports. 2021-05-10. The Salt Lake Tribune. en-US.
  41. Web site: Vivint Smart Home goes to trial Monday with $50 million on the line. January 1, 2022. KSTU.
  42. Web site: Vivint Smart Home, CPI Security deceptive practices trial to get underway . www.securitysystemsnews.com.
  43. Web site: Vivint Smart Home agrees to pay restitution to customers in Arizona. May 14, 2022. KSTU.
  44. Web site: AG Brnovich Reaches $400,000 Consent Judgment with Home Security Company . 11 March 2022 .

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