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.