ADT Invests $25M of $50M Series C Financing to Establish Minority Stake in Life360
BOCA RATON, Fla.–(BUSINESS WIRE)–May 13, 2014– Leading security and home automation provider ADT (NYSE:ADT) today announced a partnership with Life360, a leader in location-based services and family networking technology. The partnership will provide a valuable lead generation source for ADT and enable the development of innovative, co-branded mobile security applications to provide greater safety and security services to families. As part of the agreement, ADT is taking a minority ownership stake in the company through a $25 million investment, leading a $50 million Series C financing for Life360. The investment forges a mutually beneficial bond for the two companies to work together to advance personal security solutions available to the more than 33 million families who use Life360.
“We’ve expanded beyond helping protect and connect homes and businesses,” said Arthur Orduña, senior vice president and chief innovation officer for ADT. “Today, ADT provides security and monitoring solutions for families wherever they are. This partnership with Life360 fits within our innovation strategy to reinvent the idea of ‘security’ for our increasingly mobile lifestyles. It’s a perfect pairing as ADT and Life360 are both leaders in their categories that share a very similar vision and mission – to provide peace of mind to families.”
One planned development from the partnership is a new mobile application that will integrate features from ADT Chaperone, an existing ‘on-the-go’ personal security offering from ADT. The upcoming mobile application from ADT and Life360 will provide direct access to ADT’s 24/7 monitoring centers that can connect users to police, fire and emergency medical responders. “Soon every family will be able to use the app to meet their unique needs, whether it’s providing a chaperone for a child walking home from school and verifying they reached their destination, or knowing to arm the home’s security system when the house is vacant,” added Orduña.
By leveraging the best of ADT and Life360 technologies, users will feel relaxed knowing their families can check in with the touch of a button, rather than having to make a call, or take a break to contact their loved ones. Users will not only have greater peace of mind while on the go, but also gain the added convenience of home automation, including control of lights, door locks and more, directly from their mobile phone.
“The investment and partnership with ADT further cements Life360’s position as the leading family network, and allows us to deepen our reach into the connected home,” said Chris Hulls, Life360 founder and chief executive officer. “Mobile is at the center of the connected home, and given security is a critical element for today’s families, our integration with ADT offers customers the value of one of the world’s largest security and home automation providers, plus the connectivity of the largest family network.”
The new co-developed mobile application will be available in late 2014. The app will be free, and upgraded security features from ADT will be available at a nominal monthly subscription fee.
ADT Security Services is a leading provider of electronic security, interactive home and business automation and monitoring services for residences and small businesses in the United States and Canada. ADT’s broad and pioneering set of products and services, including ADT Pulse® interactive home and business solutions, and health services, meet a range of customer needs for today’s active and increasingly mobile lifestyles. Headquartered in Boca Raton, Florida, ADT helps provide peace of mind to more than six million customers, and it employs approximately 16,000 people at 200 locations. More information is available at www.adt.com.
Life360 is the leading location and communication app for families available for Android and the iPhone. Using location-based technology, Life360 enables families to share their locations, know when someone needs help and communicate easily with in-app messaging. The app operates in a convenient and secure way that does not interfere with busy schedules or personal freedom. Founded in 2008, Life360 placed first in Google’sAndroid Developer Challenge in that same year and has received funding from several prominent investors.