Residential
Vivint partners with Freedom Forever to offer more energy saving options
July 26, 2021SSN Staff
PROVO, Utah—Vivint Smart Home announced that it has entered into a strategic partnership with Freedom Forever, one of the largest national residential solar system installers. Vivint said the relationship between the two companies will help homeowners get a step closer to living in a smart home that generates as much energy as it uses.
“Joining forces with Freedom Forever broadens our offering and provides value to customers who are worried about the environment and skyrocketing energy...
Vivint completes refinancing, secures new credit facility
July 12, 2021SSN Staff
PROVO, Utah—Vivint Smart Home, Inc. announced that it successfully completed its latest round of refinancing efforts, including securing a new credit facility and revolving line of credit.
According to the details of the deal, APX Group, Inc., an indirect, wholly owned subsidiary of the company, completed its offering of $800 million aggregate principal amount of 5.75 percent senior notes due 2029 in a private placement.
Vivint also announced that, concurrently with the Notes offering,...
ADT and Ring settle trademark dispute
June 24, 2021SSN Staff
BOCA RATON, Fla.—ADT has settled a lawsuit against Ring LLC, an Amazon company and provider of smart home security devices. As per the settlement, Ring will release a new version of its Outdoor Siren product and will discontinue the marketing and sale of the current design.
“ADT and Ring are pleased to have reached a mutually agreeable resolution,” said David Smail, Executive Vice President and Chief Legal Officer at ADT. “Ring will release a new version of the Outdoor...
Vivint Smart Home names David Bywater as new CEO
June 9, 2021SSN Staff
PROVO, Utah—Vivint Smart Home, Inc. announced that David Bywater has been appointed chief executive officer. This follows Todd Pedersen stepping down as CEO of Vivint Smart Home, although he will remain a member of the board of directors. Bywater will also be joining the company’s board of directors. These changes will become effective on June 15, 2021.
“We are pleased to have a leader with David’s robust skillset and intimate understanding of our business and operations...
Todd R. Pedersen to step down as Vivint CEO
May 27, 2021SSN Staff
PROVO, Utah—Vivint Smart Home announced this week that company Founder and Chief Executive Officer Todd R. Pedersen has decided to step down as CEO, effective once the board of directors of the company appoints his successor. Pedersen will remain a member of the board of directors.
“I have decided that after 20 years of building a successful company, it is time for me to pursue my other entrepreneurial goals and devote myself to those investments and businesses,” said Pedersen....
DIY installation of security systems up nearly 40% since 2018
May 19, 2021SSN Staff
DALLAS—Self-installation of newly acquired security systems reached 55 percent in Q2 2020, up from 40 percent in 2018, an increase of nearly 40 percent, Parks Associates reports.
The firm’s latest whitepaper, Home Security: A Redefined Market, finds the rise of interactive services and DIY installation are two key trends defining the home security market, accelerated by the COVID-19 pandemic, lower prices, and new smart home solutions.
“The installation method for newly acquired...
ADT announces executive leadership changes, Q1 results
May 5, 2021SSN Staff
BOCA RATON, Fla.—ADT Inc. announced several changes to its leadership, starting with the retirement of Jim Boyce, president, chief business development officer, effective May 31, 2021. The company also announced its Q1 financial results, showing continued recovery and growth and the commercial side of the business.
Leadership Changes
The company is grateful for Boyce’s leadership, wisdom and dedication, and for his many contributions as CEO of Defenders and its successful integration...
Vivint to pay $20M to settle FTC claims it misused consumer credit reports
April 29, 2021Paul Ragusa, Editor
PROVO, Utah—Smart home security and monitoring company Vivint Smart Homes Inc. has agreed to pay $20 million to settle Federal Trade Commission (FTC) allegations that the Utah-based firm misused credit reports to help unqualified customers obtain financing for the company’s products and services.
Under the settlement, Vivint will pay a $15 million civil penalty and an additional $5 million to compensate injured consumers.
In a complaint filed by the Department of Justice on behalf...
My Alarm Center to restructure under Chapter 11 protection
April 29, 2021SSN Staff
NEWTOWN SQUARE, Pa.—Home security provider, My Alarm Center, filed for Chapter 11 protection this week, with 100 percent of its senior lenders and other key stakeholders agreeing to support the company’s prepackaged plan of reorganization that provides for elimination of approximately $235 million of legacy debt obligations, the company told Security Systems News.
My Alarm Center said it will continue to operate in the “ordinary course of business” during the restructuring...
ADT brings trademark suit against Amazon’s Ring
April 27, 2021SSN Staff
BOCA RATON, Fla.—ADT has brought an action for willful trademark infringement, unfair competition, and related violations against Ring LLC (Ring), an Amazon company and provider of smart home security devices.
In March 2021, the complaint asserts, Ring adopted a blue octagon mark that is virtually indistinguishable from ADT’s iconic blue octagon mark, which is protected under numerous federal trademark registrations. ADT’s blue octagon is iconic in the security market, proudly...