Tag: Jim DeVries

BOCA RATON, Fla.—ADT is developing a solution for the home security industry’s need to adapt to the 3G sunset, which is scheduled for February 2022. Through a strategic partnership with technology startup CellBounce, ADT anticipates a user-installed, plug-and-play solution for the 3G-to-4G conversion will be ready by late summer 2020.The technology and product could apply to most of the 6 million 3G-powered home security systems in the United States.“We believe CellBounce is the most cost-effective...

BOCA RATON, Fla.—Today, ADT provided an update on the measures it is taking to respond to the COVID-19 health crisis. “As COVID-19 is testing our nation's resolve, it's also bringing out the best in many people and businesses, and this is especially true at ADT,” Jim DeVries, president and CEO, ADT said in the announcement. “I've seen a tremendous outpouring of compassion and commitment from our team members to support each other and help keep our customers safe. With the...

BOCA RATON, Fla. and PROVO, Utah—Both ADT and Vivint reported strong fourth quarter and overall annual revenue gains for 2019, with ADT up 12 percent and Vivint up 10 percent for the year.Some of the highlights of the ADT report include:• Total revenue growth of 10 percent for the fourth quarter;• Total annual revenue of $5.1 billion, up 12 percent;• Full year commercial organic revenue growth of 16 percent;• Greater home automation with more than 80 percent interactive...

BOCA RATON, Fla.—ADT announced this week that it has acquired Defenders, its largest independent dealer and only Authorized Premier Provider, for a purchase price of approximately $381 million.As part of the transaction, Defenders founder David P. Lindsey and Jessica A. Lindsey received approximately 16.3 million shares of ADT common stock for 100 percent of their ownership in Defenders, while the remaining $260 million of consideration was paid in cash to retire existing Defenders debt, fund...

BOCA RATON, Fla.—ADT Inc., a smart home security provider serving residential and business customers, today announced that it has entered into a definitive agreement to sell ADT Security Services Canada, Inc. to TELUS Corporation for approximately CA$700 million in cash, subject to certain adjustments. The transaction comprises all of ADT Canada's operations and assets, and is expected to close in the fourth quarter of 2019, contingent on customary closing conditions and other business requirements,...

BOCA RATON, Fla.— ADT, a provider of monitored security and interactive home and business automation solutions in the United States and Canada, recently announced the appointment of Elliot Cohen in the newly created role of senior vice president of business development, effective immediately.Cohen brings more than 20 years of experience in technology, real estate and venture capital. In 2011, he founded Citymaps, a global B2C and B2B mapping application, which was acquired by TripAdvisor in...

BOCA RATON, Fla.—ADT, a provider of monitored security and interactive home and business automation solutions in the U.S. and Canada, is rolling out the ADT Command panel and control platform nationwide.Building on the ADT Pulse platform, which was introduced in 2010, ADT Command offers a rich feature set customized to address customers' lifestyle and needs, while increasing operational efficiencies. The 7-inch wireless touchscreen panel can be wall-mounted or conveniently unbound, and is equipped...

BOCA RATON, Fla.—ADT announced this week that it has acquired LifeShield LLC, a pioneer in advanced wireless home security systems, in a transaction valued at approximately $25 million. John Owens will continue in his current capacity, leading the LifeShield team.“As more consumers look for real protection solutions that only ADT can provide, we look for companies that share our passion for security, customer service and innovation,” ADT President and CEO Jim DeVries said in the...

BOCA RATON, Fla.—ADT announced this week that it has completed its acquisition of Red Hawk Fire & Security, a commercial fire, life safety and security services and portfolio company of Comvest Partners. In October, ADT entered into a definitive agreement to acquire Boca Raton, Fla.-based Red Hawk Fire & Security for $317.5 million in cash.“We are pleased to complete this transaction, which strengthens ADT's growth in the commercial security market and meaningfully expands the company's...

BOCA RATON, Fla.—ADT announced it has entered into a definitive agreement to acquire Boca Raton, Fla.-based Red Hawk Fire & Security, a commercial fire, life safety and security services and portfolio company of Comvest Partners, for $317.5 million in cash. Upon completion of the acquisition, ADT said that its business customers will represent 25 percent of total revenue.“Commercial security is one of the core pillars of ADT's growth strategy and today's announcement marks a significant...