Vivint gets millions more in financing, surpasses RMR milestone

 - 
06/20/2012

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.

Comments

This company has come under huge scrutiny because of door to door sales but ironically these tactics are what makes great sales persons. In Miami fl I am an authorized dealer and can't get my salespeople to knock on doors if my life depended on it. So I have only good things to say about Vivint.

Deceptive sales tatics, aggressive of misleading sales tatics.....lets call it what it really is...LYING.

One need only Google ..."complaints APX alarms,or Complaints vivent alarms,and you see what this company  and all the other  Summer Sales models are all about....Sales,sales,sales.

They sell monitoring Alarms and montioring contracts ,but the one thing they do not sell is security.

 Making a sale is their primary goal.

These comapnies round up a bunch of kids with zero alarm/security  experience, train them for a week in sales tatics with good sounding tag lines to use when talking to the homeowner,( and if they are luckey they might get an hour of training on how to secure a home), then they are loaded in vans and turned loose on hapless home owners in small towns all across America.

I,ve seen these guys @ work on my own door step, they were too clueless to read the writing on my truck setting in front of my house.

I grilled them about what they had to offer,and it was one lie after another about what the system could do and why they had to remove mine.

These are the type of companies that give honest security companies a bad name.

Of course if you buy your alarm from some fresh faced kid on your door step, or  from some 10.00 an hour  telemarketer, I guess you are getting what you asked for...IMHO

 These companies are not really concerned about securing anybody , they are only concerned about growing RMR,as evidenced by the fact that is the only thing that is mentioned when they make it into this magazine...how much debrt financing they have received, and how much RMR they now have.

Dont get me wrong ,making a profit is the reason we are all in business,but delivering a good product and serice is paramount  in making and sustaining that profit.

Seeing how many systems you can cram down clueless homeowners throats is not the best way to achieve that goal if you ask me.