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Vivint CEO buying golf course, becoming developer

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Wednesday, March 27, 2013

Vivint has been in the news a lot since it was acquired late last year by the Blackstone Group for more than $2 billion. But the latest scoop is actually about the CEO of the Provo, Utah-based company, Todd Pedersen. He’s about to buy a golf course in nearby Orem and turn it into a housing development where he and others will live, according to the Daily Herald, a Provo-based newspaper.

But Pedersen also will give 20 acres of the property back to the city for recreation, the report says.

The paper says the Cascade Golf Center has been in business 45 years but has announced this year will be its last because it’s being sold to Pedersen for a residential development. The paper quotes Keven Stratton, Jr., who runs the family-owned golf course, as saying the economic downturn and competition from new golf courses have made business difficult.

Here’s more from the newspaper's March 21 story:
 

Todd Pedersen acknowledged Wednesday that he is in a business arrangement with the Strattons on the sale of the lease and is going through due process and will eventually come to the city council for approval. Pedersen's proposal would give him land to develop low-density homes -- approximately 12 to 15, with his being one -- but he would return to the city approximately 20 acres of land worth $7 million in fully developed parkland, sports fields, with infrastructure, parking, bathrooms and more.

"My wife and I have lived in the valley and we want to do something that most residents can enjoy," Pedersen said. "I want to make sure for the city management that the best uses will be made for the most citizens."

Pedersen knows many golfers in the community will be unhappy losing Cascade and he understands how they feel.

If Pedersen's proposal is carried through it will bring approximately $300,000 in property tax revenues to the city. He said that more than replaces the $450 a year the city receives through the Strattons' lease. Because the property is zoned R1-12 the plan Pedersen is proposing complies with the zone.

Cascade Golf Center opened in May 1968 after the city agreed to lease property to the Strattons until 2060. A second-generation owner, Stratton purchased the golf course in 1989 from his father and other partners. The construction and operation of the course has been privately financed. …

… The 53 acres owned jointly with Orem City along with the majority of the 67 acres of privately owned land that make up Cascade Golf Center are being sold. That includes the miniature golf course, the driving range, the small orchard east of the range, the Valley Course or lower nine and the back nine.

While the price of the property and the lease's selling price have not been disclosed, it is no secret that Orem and other developers see this as prime property, possibly worth as much as $200,000 an acre.

 

New landlord for Vivint headquarters building

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03/26/2013

PROVO, Utah—The office building that serves as the headquarters for Vivint was recently sold, according to a news release.

Vivint fined $55K for deceptive sales practices in Kansas

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03/22/2013

TOPEKA, Kan.—Vivint has agreed to pay restitution, fines and investigative costs after being accused of violating Kansas consumer protection laws, according to a news release from Kansas Attorney General Derek Schmidt.

Vivint wins Stevie Award

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03/19/2013

PROVO, Utah—Vivint was awarded the 2013 People's Choice Stevie Award for favorite customer service provider in the "other industries" category, according to an article from Utah Business. 

Barnes Associates/SSN wholesale monitoring survey finds accounts up nearly 11 percent in 2012

Michael Barnes calls results 'very positive indicator' for industry
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03/13/2013

YARMOUTH, Maine—The wholesale monitoring industry posted surprisingly strong growth in 2012, with accounts increasing 10.7 percent and average RMR for alarm companies following nearly in lock step, according to a new survey led by Barnes Associates.

Vivint CEO named 2013 entrepreneur of the year

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02/28/2013

PROVO, Utah—Todd Pedersen, co-founder and CEO of Vivint, has been named the 2013 entrepreneur of the year by MountainWest Capital Network, according to an article from The Digital Universe, a campus newspaper at Brigham Young University.

ADT shares predicted to rise 20 percent

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Wednesday, February 27, 2013

An article in Barron’s has the financial media world abuzz because it predicts shares of The ADT Corp. “could climb by more than 20 percent over the next year.”

The article in the latest edition of the weekly financial newspaper owned by Dow Jones cites the push into home automation by the publicly traded ADT, which spun off from Tyco in September. ADT Pulse, introduced in 2010, is the driver of much of ADT’s growth, the article said.

Barron’s also indirectly suggests ADT could buy a rival like Vivint or that ADT itself could be acquired. The article refloats the rumor that AT&T could acquire ADT.

The article concludes: “It may be time for investors to pick up the smartphone and tap the ADT Pulse icon.”

Here’s some more details summarized by Reuters:
 

According to [Barrons], the Boca Raton, Florida-based company is already benefiting from a stronger housing market, rising demand for home healthcare services, and recent acquisitions, and commands 25 percent of the home alarm business and 14 percent of the small business segment.

… At the center of ADT's expansion effort is Pulse, a nearly 2-1/2 year old product that lets customers control settings remotely through devices such as smartphones and tablets.

While Pulse serves just 4 percent of ADT customers overall, the company in January said 19 percent of new customers use it.

ADT last month also set plans to quickly buy back $600 million of stock under an existing $2 billion repurchase program.

… It also said ADT could buy rivals, which are mainly owned by private equity firms such as Blackstone Group LP.  [which owns Vivint]

Based on recent transactions for security companies, ADT could fetch $59 per share in takeover, the newspaper said.

Shares of ADT closed yesterday at $46.57.

 

Vivint gets into R&D

Security and home automation provider opens Innovation Center
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02/20/2013

LEHI, Utah—With the goal of being “vertically integrated” and “in control of all components” of its offerings, security and home automation provider Vivint announced that it has opened the Vivint Innovation Center here.

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.

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