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Alex Dunn

Vivint in top 50 of Forbes’ top 100!

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Wednesday, February 20, 2013

Vivint made it into Forbes’ annual ranking of America's Most Promising Companies this year, marking the first time the Provo, Utah-based home automation/home security company was named to the exclusive list.

And with a ranking of 46 out of the 100 privately held companies listed, Vivint—which bills itself as the largest home automation services company in North America--actually made it into the top 50 of those successful businesses.

Revenue growth and hiring are two factors used to determine which companies make the list. Forbes lists Vivint’s revenues as $400 million and the number of its employees as 2,533.

Pivot3, an Austin, Texas-based provider of video surveillance storage solutions, is the other security company on this year’s list. Ranking #74, Pivot3 has $31 million in revenue and 92 employees, according to Forbes.

Vivint President Alex Dunn told Security Systems News, “It’s really nice to have third-party validation of what we're trying to accomplish … and it will help bring credibility to our strong management team and the company. But, in the end our success is not based on what awards we win and don’t win, but on how we take care of our customers and how we innovate around products and services [ensuring they’re] simple to use and affordable.”

Here’s more from Vivint’s news release on the Forbes’ list.
 

Vivint's inclusion on Forbes' list comes after a momentous year for the company, in which it crossed the threshold of $30 million in recurring monthly revenue--one of only three companies in its industry to achieve this milestone. Since 2007, the company has experienced a growth rate of 400 percent. Acquired in 2012 for more than $2 billion by Blackstone [http://www.securitysystemsnews.com/article/blackst..., Vivint was selected to the Forbes list for its growth (in both sales and hiring), the quality of its management team and its investors, product strength, margins, market size, and key strategic partnerships.

One metric never says it all. For the Most Promising list, Forbes strove for a holistic gauge of young, privately held companies, trying to pin down their trajectories by looking at a slew of variables. Over the course of six months, Forbes reviewed thousands of applications. Forbes turned to CB Insights, a Manhattan-based data research firm that specializes in assessing private companies, to refine the search. Their MOSAIC software scans 45,000 sources to measure a company's health. A new distribution deal, for example, marks a positive signal, while the loss of an executive is a negative. MOSAIC gathers those myriad signals into a final score that Forbes uses as an initial guide in producing the list. After verifying sales numbers, speaking with each company and debating their merits and blemishes, Forbes produces a final ranking.

To view the complete 2013 list of America's Most Promising Companies, visit www.forbes.com.

 

Vivint gets new president

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02/06/2013

PROVO, Utah—Alex Dunn, who previously served as Vivint’s chief operating officer, has been promoted to the position of company president, according to a company statement.

Vivint: 'Disruptive innovation' key to success

Company sees 'more opportunity to disrupt' and joins new business trend by hiring chief innovation officer
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01/30/2013

PROVO, Utah—“Disruptive innovation”—shaking up the traditional security model to create new markets—is a major reason for Vivint’s success, according to Vivint COO Alex Dunn.

Vivint innovates with new position

Vivint is the second prominent home security/home automation company—ADT was first—to create and fill an innovation officer job
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01/15/2013

PROVO, Utah—Vivint announced today that it has created a new position—chief strategy and innovation officer—and has named Matthew Eyring, a prominent strategy consultant, to the job.

Vivint exploring sale

CEO said $2 billion offer from Blackstone previously turned down
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09/06/2012

PROVO, Utah—Vivint is considering a sale with final bids due later this month, according to a Reuters report. The report said the home automation/home security company could be valued at as much as $2 billion, and that among three private equity groups looking at the company is GTCR—owner of Protection 1, one of the nation’s largest security companies.

Vivint adds $50 million to financing; surpasses RMR milestone

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08/06/2012

PROVO, Utah—Summer-model company Vivint announced in June of that it had surpassed a $30 million milestone in RMR, putting it among the top three largest security companies in the nation. Also, the residential security and home automation provider said it had added another $50 million to its financing, bringing its total senior debt financing to $812 million.

Vivint gets millions more in financing, surpasses RMR milestone

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Wednesday, June 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.

Comcast adds more markets across the country

In March, the telecom introduced its home automation/home security product in locations that included San Francisco, Connecticut and Utah, home of the summer-sales security companies
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04/23/2012

PHILADELPHIA—March was an active month for Comcast as it launched its new home automation/home security service in a number of additional major markets across the country. Xfinity Home is now being offered in Atlanta, the San Francisco Bay area and parts of Connecticut and Vermont—and Utah.

Firsts on the first day of ISC West

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Thursday, March 29, 2012

Today was the first day of ISC West 2012 and I started my day off at a Honeywell breakfast where Scott Harkins, the new president of Honeywell Security Products, talked about a series of “firsts” the company was announcing at the show.

“We’re very excited that this show, the ISC show, is where we’re launching the great technology revolution in the intrusion space,” Harkins said.

He cited a series of products and technologies that he said are “firsts for us and first for our industry” include 2G/3G/4G radio, “one module that can do all three,” switching to whichever has the strongest signal. “We’re the only manufacturer in the industry with that,” Harkins said.

Among other innovations, Harkins said Honeywell’s Wi-Fi enabled system is “clearly a first,” and also said the company is the first to have an IP video system “that’s literally three clicks to get up and running.”

Honeywell wasn’t the only company talking about “firsts” today.

I stopped by the Cooper Notification booth, where Ted Milburn, vice president, marketing, and Jacquiline Townshend, marketing channel leader told me about that company was having a soft launch at the show of its Exceder LED, which Milburn described as “the first to replace the traditional strobe with an LED.”

They said the device is energy efficient, having a lower current draw than a traditional notification device, and is easier and less costly to install and has a smaller profile.

The device, which Townshend said would be available in May, is priced the same as a traditional one. “We think if the function is the same, the price should be the same,” Milburn said.

Over at the Fire-Lite by Honeywell booth, customers were acting like a product that the company introduced about four years ago was brand new this year.

While I was there a steady stream of people were showing up to learn more about Fire-Lite’s IPGSM-DP Commercial Fire Communicator, which is used to upgrade a fire system from reporting to the central station by phone lines to one that uses an IP or GSM cellular path.

The product saves end users money by letting them get rid of their telephone lines, and dealers can use that fact as a selling point to generate more business for themselves, the company says.

Beth Welch, public relations manager for Honeywell Fire Systems, told me interest in the IPGSM has suddenly taken off. “We’re just now seeing the real, true adoption of this. It’s a landslide,” she said. “Dealers are using this to get their foot in the door with new accounts.”

She said there are a variety of reasons why the product has taken off now, but believes one is just that AHJ’s are seeing how well it works and so are endorsing it.

I also talked today to Alex Dunn, COO of Provo, Utah-based home security/home automation giant Vivint. Vivint has to be the first security company to start a new company to sell solar panels to residential customers. Vivint Solar was created almost a year ago.

Although the two companies are separate, I asked Dunn if there was any sales crossover. He said there was and will continue to be.

“I think you’ll see in the future more integration from a sales perspective, even from a technology perspective, when the control panel integrates with the solar panels, Dunn said.

Among other people I met on the show floor today was Don Moore, president of Redondo Beach, Calif.-based Moore Protection, who stopped by the Security Systems News’ booth for our “meet the editors” event. Moore’s security company is the first to create its own “Security Oscar”: At the time of the Academy Awards each year it gives out the Morpheus Award to a film that best depicts the use of security. This year “Tower Heist” was the winner.

It was great to meet Don in person and while chatting, he told me another interesting fact about his company. It turns out that the graphics for the company’s lawn sign were designed some years ago by George Lois, an advertising wizard who is known as “The Original Mad Man,” a real-life version of Don Draper on the AMC television series.

Now, that’s got to be a first!

 

Vivint gets $125M increase in financing

The funds will fuel its home automation expansion
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04/07/2011

PROVO, Utah—Vivint, formerly APX Alarm, has completed a $690 million senior debt financing with a group of lenders led by Goldman Sachs Specialty Lending Group. The new credit facility is an increase of $125 million over its previous financing, according to the home automation/security company, which is based here.

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