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Vivint

Nortek to buy 2GIG for $135m

Deal includes five-year supply agreement with Vivint
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02/14/2013

PROVIDENCE, R.I.—Nortek, parent company of Linear, announced this morning that it will acquire 2GIG Technologies for $135 million.

CPI looks to add 300 employees

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Wednesday, August 12, 2015

A lot of companies seem to have their employee environment on the mind, especially when it comes to designing a new space. CPI Security broke ground on Friday for its new 120,000 square-foot facility, to be built adjacent to its current building in Charlotte, N.C. Alongside this development, the company announced that it plans to add 300 employees, to its current total of 540, over the next couple years.

The new building will hold training facilities, R&D, and the company’s central station, which is CSAA 5 Diamond certified and UL listed, CPI said in a recent release. For the company’s employees, there will be a gym and a dining facility.

This news comes in at a time where others like Vivint and Monitronics are moving into new spaces—both of which incorporated a close-by body of water, interestingly enough. Vivint underlined the benefits employees get from something as simple as natural light. Monitronics talked about an open floor plan keeping groups together.

One thing I’ve been interested to hear about, from both Vivint and Monitronics, has been the process of the move. Monitronics appointed “move captains” and Vivint did it in the space of one shift.

I’m curious to hear more about how CPI will physically move into its new space, and hope to follow-up with the company soon. 

Design matters at Vivint’s new monitoring center

Dixon: Center is built to benefit employees and the bottom line
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08/05/2015

EAGAN, Minn.—Featuring natural light, an expanded cafeteria with free food and a pond where employees can go fishing during breaks, Vivint’s new monitoring center is loaded with employee-pleasing amenities that translate into increased productivity and profits for the company, according to Steve Dixon, Vivint’s VP of customer experience and operations.

Ding-dong! Vivint can tell you who’s calling

Remote-access Doorbell Camera available soon
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06/08/2015

PROVO, Utah—Vivint’s new Doorbell Camera allows customers to engage in a two-way conversation with visitors from their mobile devices and provides them with a 180-degree view, with night vision, of their doorstep.

Former Vivint CFO on the Alarm.com IPO

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Wednesday, May 27, 2015

Alarm.com's announcement that it will go public has a lot of people talking inside and outside of the security industry. Many of the insiders, however, will not talk on the record, at least not right now.  

I was interested in talking to someone who knows IPOs, understands the security industry and is familiar with Alarm.com, and I came up with Chris Black. Black is the former CFO of Vivint who helped Vivint prepare for the sale to Blackstone. He's also helped other companies go public. Today he works outside of the industry as CFO of Viamedia and as a board member of Sports Information Group which owns the Daily Racing Form.  

In an email interview Black called Alarm.com "a terrific company with a strong management team that I gained a lot of respect for during my interactions with them while I was at Vivint."

He said an IPO can "have a transformational impact on the business" and a positive affect on the industry.

"The IPO will provide them with access to another source of capital to continue to grow the business and invest in new products and opportunities. I also think it is a great event for the security industry as a whole. It serves as further validation of the space and will bring in new equity investors that may or may not have looked at security companies in the past,"

The only potential downside, Black said "is the amount of time the management team, particularly the CEO and CFO, are required to spend on investor relations activities including calls with equity analysts, investors and presentations at equity conferences and the like."

How might the IPO affect customers?

"This is really just another form of financing the growth of the business and shouldn't have an immediate impact on Alarm.com's customers one way or the other. Longer term, one could assume that access to public equity will allow the company to invest in the business and continue to develop new products and enhance existing ones either organically or through acquisitions, or both," he said.

Five Questions: Joe Albaugh

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04/30/2015

Joe Albaugh is the chief security officer at Vivint, a job he has held for 10 months. He is responsible for the “convergence of security practices,” he says, including the operational security of products, cybersecurity and personal and physical security.

Vivint alerts homeowners about scam artists

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Wednesday, April 29, 2015

Say your residential security company has made a huge dent in a particular neighborhood. You’ve got the area covered and all is good, for you and for homeowners.

Then some shifty guy comes around that neighborhood, knocks on your customers’ doors and professes to offer a better deal for their homes’ security than you can provide.

The guy is likely part of a door-to-door scam, and it’s also likely more guys like him will be showing up over the summer months, according to the Better Business Bureau. I read about a spate of this going on recently in Corpus Christie, Texas, but that's not to say Corpus Christie is a unique target of such ploys.

Vivint has a way of letting its customers know to be on the lookout for such scams. It encourages aware customers to contact the company about suspected scams or deceptive sales practices in their neighborhoods. Upon that notification, Vivint will send out an alert to alarm panels owned by customers in the impacted area. The message says that security scams have been reported nearby, and also gives a 24/7 phone number to call to verify a Vivint rep who might legitimately show up at the door.

“At Vivint, we take all possible measures to keep our customers protected. This includes keeping them apprised of what’s going on in and around their homes in real time,” Steve Dixon, VP of customer experience and operations, told me via email.

"The security alert is one of the things Vivint uses, in addition to customer emails and calls, to advise Vivint customers about questionable or deceptive sales practices used by competitor sales representatives in the area," Dixon said.

Good for Vivint, I say, and to all the other resi providers who provide such a service.

Scam artists, beware!

Vivint makes Forbes list of 'Best Employers'

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04/10/2015

PROVO, Utah—Forbes has put Vivint on its inaugural list of “America’s Best Employers.”

Vivint is the top-ranked security and home automation company on the list of 500.

Vivint owners mull sale of security guard company

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Wednesday, March 11, 2015

The Blackstone Group, which bought home security giant Vivint for $2 billion in 2012 is reportedly exploring the sale of security guard company AlliedBarton, according to a report this week from Reuters.

The report said the deal should be valued at about “$1.5 billion, including debt.”

Blackstone has hired investment bank Credit Suisse Group AG to explore the sale, the report said.

The report quoted an AlliedBarton spokeswoman saying that it’s “the right time for a new private equity sponsor.”

That timing seems right or even a little overdue as PE generally holds a company for three to five years.

According the report, Blackstone has owned AlliedBarton for six years. Blackstone acquired AlliedBarton from Ronald Perelman’s MacAndrews & Forbes Holdings in 2008 for up to $750 million, Rueters said.

Rueters said AlliedBarton has EBITDA of  $150 million.

AlliedBarton, based in Conshohocken, Pa., has more than 55,000 employees and 120 offices.

Vivint and Undercover Boss: Lessons learned

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Wednesday, February 25, 2015

Vivint CEO Todd Pedersen wasn’t “fast enough” to work in one of his own warehouses, was “moving a little slow” on an installation job and should have been more adept at handling a basic tool, according to two of his  employees.

Pedersen got those professional reviews during his stint on the CBS show “Undercover Boss” on Feb. 20. I wrote about that here. During that experience, he says, he learned much about being a company leader and that “details matter most.”

For the popular reality show, Pedersen posed incognito, which included wearing a wig, as a Vivint trainee and met with four of his company’s employees at their workplaces.

First he worked with Mark on an install job that involved being up on a roof. That encounter enlightened him on the need for Vivint workers to have proper, non-slippery footwear.

He then worked with a monitoring center rep, Sandy. Pedersen, handling a call, disconnected it inadvertently. During one call, static was prevalent and Sandy told Pedersen that the system needed some fine-tuning.

On his third stint he worked at one of the company’s warehouses with Alma and was surprised when he had to fill out a work order on paper rather than digitally. Alma is the employee who told him he wasn’t suited to work for Vivint: “Too slow.”

He also was told he was working too slowly by employee Will during Pedersen’s final “Undercover Boss” gig at a smart-home installation. And, Will added, Pedersen needed practice working with a basic tool—a drill.

When I talked to Pedersen before the show aired, he couldn’t say all that much about the outcome of the show due to CBS restrictions. But I did catch up with him via email this week to get more details.

Here’s what Pedersen had to say.

Q: What was the top lesson you gleaned from being on the show?

A: As a leader, it’s your job to look at the big picture and focus on the vision of the company, but I learned that when it comes to employees, the details matter most. The smallest upgrades in equipment and installation hardware can shave off significant amounts of time and stress for employees. Little things really do make a big difference to the people you employ.

Q: How will the show have an impact on the way your company is run/managed in the future?

A: After each day on a new job [for the show], I would get on a conference call with senior management and discuss what I learned and potential improvements pertaining to that job. And while the experience hasn’t changed the way we run the company in a major way, we have made several changes in equipment and processes. 

The most significant change we implemented was announcing a brand-new facility for our monitoring professionals. As I worked alongside Sandy, she had interference issues with her equipment. In addition to improving phone cords and headsets for Sandy and her coworkers, we decided to give them a beautiful new facility. 

Q: Any other insights? Would you do this again?

A: The most interesting part was just being able to work alongside my employees as a regular guy, rather than the CEO. I truly enjoyed getting to know each of them on a personal level and learning about their backgrounds and the things they’ve overcome. I’ve always believed in cultivating strong relationships with my employees, and this experience reaffirmed the importance of that for me.

While not every executive has the chance to go undercover like I did, taking the time to work side by side and connect with employees is important for all members of the leadership team. I plan to give this opportunity to other executives so they can benefit from the invaluable insight that comes from being on the ground. (Although, I won’t make any of them wear a wig!)

I don’t think I could get away with going undercover again. Word has definitely gotten out around the company, but I did really enjoy going out in the field and working with employees across the business. I would definitely do that again, and I’ll probably take some of our other executives along with me next time. 

Pedersen also heard the four employees’ personal stories and responded to their hardships—widowhood, bankruptcy, cancer treatments, custody disagreements and more—with compassion and with his wallet. Kudos to him.

 

 

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