During the 2015-2016 school year, Xan had the incredible opportunity to work side-by-side with Vivint, Inc. on multiple innovative, game-changing projects into new product categories.
As a leading smart home technology provider, Vivint offers home security, energy management, home automation, local cloud storage, and high-speed Internet solutions to more than 850,000 customers throughout the United States and Canada. The end result is a smart home solution that saves you time and money and ultimately simplifies your life.
In 1999, Todd Pedersen saw an opportunity in the security solutions market to sell a high-quality product using a personal approach. Now, with more than 13 years of experience, the company has grown to service more than 850,000 installed systems across the United States and Canada and retains over 7,000 employees.
Ready for Growth
Between 1999 and 2005, the company experienced healthy growth marketing third-party security products and services. In July 2006 it signed a US$75 million credit facility agreement with Goldman Sachs to research new market opportunities and expand into Canada.
Between 2005 and 2010, the company expanded its customer base by 825% and its financial agreement to $440 million. To complete its transition to a nationwide, full-service residential security company, APX Alarm acquired a monitoring station in St. Paul, Minnesota, and opened its new corporate headquarters in Provo, Utah.
APX Alarm further expanded its product set and capabilities in October of 2009 with the release of the first self-contained, remote-access touchscreen panel.
With the successful launch of the touchscreen panel and the threat of higher energy prices, APX Alarm expanded from a security-only company to a provider of simple, affordable home automation solutions. Within six months, more than 15,000 customers had added these features.
A New Name
In late fall 2010, the company launched a company-wide rebrand to better represent the potential and future direction of the company. On February 1, 2011, APX Alarm changed its name to Vivint.
Based on the words “vive,” which means “to live,” and “intelligent,” Vivint is dedicated to helping its customers live intelligently by providing simple technology for a smarter life. In June 2011, Vivint’s Home Automation and Advanced Security packages received a Consumers Digest “Best Buy” rating.
Vivint’s products and services have continued to grow. In October 2011, the company launched Vivint Solar, which has now become the fastest growing solar company using the power purchase agreement model.
Vivint Solar provides service in California, Hawaii, Massachusetts, and New Jersey. In 2012, Vivint also introduced a new secondary touchscreen panel and severe weather alert services.
The Next Steps
In June 2012, Vivint reached yet another milestone of US$30 million in recurring monthly revenue, becoming one of only three companies in the industry to reach this financial marker. Then in September 2012, the Blackstone Group acquired Vivint for in excess of $2 billion, giving Vivint the resources to continue expanding and developing new services.
Now with more than 850,000 customers, Vivint has become one of the largest smart home technology providers in North America.