This transaction combines Arlo's products and cloud services platform and go-to-market channels with Verisure's professionally monitored security solutions in Europe. It also includes a supply partnership for Arlo cameras with intelligent cloud services.
SAN JOSE, Calif. and GENEVA, Jan. 2, 2020 /PRNewswire/ -- Arlo Technologies, Inc. (NYSE: ARLO), the #1 internet connected camera brand1, and Verisure Sàrl, the leading provider of monitored security solutions in Europe, announced today that they have successfully closed the previously announced definitive agreements to create a strategic partnership to create the first European multi-channel go-to-market strategy for consumer security and surveillance services by adding Arlo's retail and e-commerce channels to Verisure's existing direct sales channels. This transaction involves the acquisition by Verisure of Arlo's European commercial operations, which will enable Verisure to accelerate adoption of security and surveillance services across Europe, as well as bolster Arlo's position as the industry leader in smart home security solutions. It also includes a supply partnership for Arlo cameras with intelligent cloud services.
With a common vision and commitment to delivering peace of mind for customers through a wide range of connected security and surveillance products and services, the partnership will leverage both companies' deep expertise and demonstrated success to protect and serve millions of customers.
As part of the transaction Verisure now assumes full ownership of Arlo's European commercial operations, including sales, marketing and customer care. Arlo users will continue to enjoy the same user experience through the Arlo app and services such as Arlo Smart, and all backend services including cloud recordings will continue to be managed and operated by Arlo Technologies.
About Arlo Technologies, Inc.
Arlo is the award-winning, industry leader that is transforming the way people experience the connected lifestyle. Arlo's deep expertise in product design, wireless connectivity, cloud infrastructure and cutting-edge AI capabilities focuses on delivering a seamless, smart home experience for Arlo users that is easy to setup and interact with every day. The company's cloud- based platform provides users with visibility, insight and a powerful means to help protect and connect in real-time with the people and things that matter most, from any location with a Wi-Fi or a cellular connection. To date, Arlo has launched several categories of award-winning smart connected devices, including wire-free smart Wi-Fi and LTE-enabled cameras, audio and video doorbells, advanced baby monitors and smart security lights.
About Verisure Sàrl
Verisure is the leading European provider of professionally monitored security systems with 24/7 response services. It protects more than 3 million customers in 16 countries. The Company's mission is to bring peace of mind to families and small business owners by providing them with the best security solutions and services. Verisure is known for category-creating marketing, sales excellence, innovative products and services and customer-centricity. Verisure protects a highly satisfied and loyal customer base, with some of the strongest growth rates and best retention rates globally in consumer-facing services, demonstrating its exceptional service levels and strong value proposition to its customers.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. The words "anticipate," "expect," "believe," "will," "may," "should," "estimate," "project," "outlook," "forecast" or other similar words are used to identify such forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. The forward-looking statements represent Arlo Technologies, Inc.'s expectations or beliefs concerning future events based on information available at the time such statements were made and include statements regarding: the potential financial and business impact of the partnership on the Arlo and Verisure business and continued user experience. These statements are based on management's current expectations and are subject to certain risks and uncertainties, including the following: the transaction may not close in a timely manner or at all; Arlo may incur additional costs and charges associated with the transaction; Arlo may not receive the minimum purchase commitments; the partnership with Verisure may not provide future benefits; future demand for the Company's products may be lower than anticipated; consumers may choose not to adopt the Company's new product offerings or adopt competing products; and product performance may be adversely affected by real world operating conditions. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Further information on potential risk factors that could affect Arlo and its business are detailed in the Company's periodic filings with the Securities and Exchange Commission, including, but not limited to, those risk factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2018 and the Company's Quarterly Report on Form 10-Q for the quarter ended September 29, 2019. Given these circumstances, you should not place undue reliance on these forward-looking statements. Arlo undertakes no obligation to release publicly any revisions to any forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
1 The NPD Group, Inc., U.S. Retail Tracking Service, Security Cameras, Security Camera Systems. Type: excludes not remote viewing ready, based on Dollars, Jan 2018-June 2019
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SOURCE Arlo Technologies, Inc.