Subscribe to RSS - CPI Security Systems

CPI Security Systems

CPI sues ASG, accusing it of ‘raiding’ CPI’s sales reps

ASG denies wrongdoing
 - 
10/02/2013

CHARLOTTE, N.C.—CPI Security Systems, based here, has filed a lawsuit against the Alarm Security Group (ASG), accusing ASG of “raiding” sales reps from CPI by means of deceptive practices.

CPI continues on road less traveled

 - 
07/01/2013

CHARLOTTE, N.C.—Like many monitoring companies, CPI Security Systems chalks up some of its recent success to the boon of technological advances, from smartphone apps to home automation capabilities.

CPI reels in pair of CSAA awards

 - 
06/24/2013

NASHVILLE, Tenn.—CPI Security Systems, based in Charlotte, N.C., won a pair of CSAA Excellence Awards at ESX last week, including the award for CSAA Central Station of the Year.

Vivint gets millions more in financing, surpasses RMR milestone

 - 
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.

Platinum sued again, but two other cases dismissed

Ohio AG accuses Platinum of deceptive sales practices, but Monitronics and CPI withdraw their lawsuits against the company
 - 
06/13/2012

AMERICAN FORK, Utah--Financially beleaguered Platinum Protection, a summer-model company here that laid off most of its employees in February, is facing another lawsuit, this one filed by the Ohio attorney general, charging that Platinum engaged in "false and misleading"

More problems for Platinum: It’s now charged with defaulting on $700,000 loan

CPI Security contends Platinum is in breach of a loan from CPI and is mismanaging 350 accounts that are collateral
 - 
04/04/2012

AMERICAN FORK, Utah—CPI Security Systems, a Charlotte, N.C.-based monitoring company, is suing Platinum Protection, claiming Platinum has defaulted on a $700,000 loan CPI made to the company in January.