It has already been a very good year for Vivint, the smart home giant founded in 1999. US News & World Report awarded the company its Best Home Security System 2020 award, placing it at the top of a space that has become increasingly competitive. In the last decade, technological advances have brought about offerings including home monitoring, security, and accessibility from owners’ smartphone apps. Vivint also took home Best Professionally Installed Security System and one of the Best Home Security Systems with Cameras accolades in 2020 and 2019, respectively.
“Recognition as best in class from US News two years in a row highlights our commitment to creating innovative technology and providing a great customer experience,” said chief technology officer JT Hwang in a press release. “With an integrated suite of products, professional services, and flexible pricing, we’re making it easy for consumers to create an affordable and comprehensive smart home.”
It’s not just the awards. A simple internet search reveals that Vivint is on the leading edge of smart home technology. “This is the best video doorbell we’ve tested,” begins one review of the company’s latest smart doorbell offering. Boasting superior image quality and a wider-angle view than any of its competitors, the doorbell is the latest addition for a company that seems to be bent on continually redefining the field it’s operating in.
The market seems to be reacting accordingly. Subscribers are up 7.5 percent from last year, netting Vivint an additional $91.6 million in new revenue. Vivint’s $1.2 billion of revenue is up 10.1 percent from the year before. It’s staggering growth for a company already thought to be one of the top performers in its field. The average Vivint subscriber purchases fifteen devices from Vivint to connect to the smart home controller, which means Vivint has 20 million connected devices to its Smart Home Platform at present. And the company doesn’t show any signs of slowing down.
Jim Lundberg, vice president and deputy general counsel, is one of the legal leaders at Vivint tasked with helping the company’s legal and business priorities stay on pace with its rapid expansion. The lawyer has more than thirty years of legal experience, having worked both in private firms and in-house at Novell prior to coming to Vivint. The lawyer’s extensive résumé has earned him speaking engagements, including one at his alma mater Brigham Young’s Law Association’s Career Paths in Law and Technology forum. Outside of his legal role, Lundberg has also served on his Mapleton City, Utah, home’s city council.
Lundberg arrived to a small legal team at Vivint four years ago and has spent the subsequent time helping create more processes, procedures, and organization as that team grew, increasing the need for some standardization. Considering the literal scope of Vivint, which includes cameras in the home as well as ones facing the street, there are enough privacy issues to keep his team well occupied.
That growth included the acquisition of Mosaic Acquisition last year along with an additional $100 million in funding from the Blackstone investment fund.
“We were excited to complete our merger with Mosaic Acquisition,” founder at CEO Tod Pedersen said in a statement. “We are grateful to both preexisting and new investors in Vivint who share our vision for the smart home. In the meantime, we are pleased to report strong fourth quarter and full year results, highlighted by double-digit revenue growth and a sharp increase in profitability.”
Weil, Gotshal & Manges LLP:
“Jim is an excellent litigator and fantastic advocate. We are thrilled to be able to partner with him.”
–Robert Berezin, Partner