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.