Vivint gets millions more in financing, surpasses RMR milestone
Ever since rebranding last year, Vivint has seemed to do nothing but grow. The latest sign of that is the announcement yesterday from the residential security and home automation provider that it has surpassed a $30 million milestone in RMR, putting it among the top three largest security companies in the nation.
Also, the Provo, Utah-based summer-model company said, it has added another $50 million to its financing, bringing its total senior debt financing to $812 million.
That refinancing comes on the heels of a $72 million financing boost the company announced just over three months ago. It then had $762 million in total financing.
I’ve reached out to Vivint officials to learn more about these developments. In the meantime, here’s what they had to say in a news release:
“Surpassing the $30 Million RMR benchmark is quite an accomplishment and is a testament to our loyal customers and employees,” said Alex Dunn, Vivint’s chief operating officer. “We look forward to growing our customer base with continued product innovation and a corporate focus on customer service.”
… Chris Black, Vivint’s chief financial officer, commented, “We continue to enjoy a very strong relationship with our lenders and are pleased to have added an additional $50 Million to our existing facility, increasing the bank deal to over $800 Million. The increase will be used to support organic growth of the business and continued expansion of our customer base.”
“I am very proud of the accomplishments that Vivint has been able to achieve,” added Todd Pedersen, Vivint’s chief executive officer. “None of this would have been possible without the support of our customers who trust us to protect what is most important in their lives, and the talented team we’ve assembled who are passionate about creating exceptional customer experiences every day.”
Vivint is not without its critics, however. A recent television news report from South Carolina cites a homeowner and CPI Security Systems, a North Carolina-based security monitoring company, in saying that Vivint used deceptive sales tactics to steal customers from CPI.
However, the TV report says Vivint issued a statement saying: "Vivint does not condone aggressive or misleading sales tactics. To ensure the highest level of customer service, Vivint conducts a recorded telephonic survey where the customer is asked to confirm their understanding of the terms of their agreement and that Vivint is not affiliated with any other company."
Vivint rebranded from APX Alarm Security Solutions in February 2011 to better reflect its expansion beyond security into home automation services.