Asurion - Wikipedia

Asurion

Asurion, LLC is a privately held company based in Nashville, Tennessee[1] that provides insurance for smartphones, tablets, consumer electronics, appliances, satellite receivers and jewelry. In 2014, the company operated in 14 countries and had 49 offices with 19,000 employees serving 280 million consumers.[2]

Asurion, LLC
Privately held
IndustryInformation Technology
Founded1994
Headquarters,
Area served
Worldwide
Key people
Kevin Taweel (CEO)
ProductsInformation Technology
Number of employees
19,000
Websiteasurion.com

HistoryEdit

In 1995, Stanford graduates Kevin Taweel and Jim Ellis used a search fund to acquire the Houston-based roadside assistance company, Road Rescue.[3] The roadside assistance service was sold through local wireless carriers. Four years later, they purchased Nashville-based Merrimac Group, which was offering specialty insurance to cover cellphones.[3] The company began expanding its operations globally in 2003, with an expansion into Asia followed by expansions into Europe (2008) and Australia (2013).[4] The company expanded into Latin America in 2014 with a partnership with America Movil.

In 2006, Asurion became the first company to offer a full 50-state-compliant Accidental Damage from Handling (ADH) product to retailers.[2] The company’s products, services, and clients have expanded since founding, due in part to acquisitions.[5] With the acquisition of Lumitrend and Soluto, the company expanded its product portfolio to support the connected home and a consumers connected life.[clarification needed][6]

In 2018, Asurion borrowed $3.75 billion via two "leveraged loans" , the proceeds of which were to be funneled to the PE firms that acquired the company in 2007. The two loans brought the company's total term loans to $11.3 billion.[7]

RecognitionEdit

The company received a CES Innovation Award in 2015 for its support and protection apps that combine live support and instant notifications.[8]

Forrester and InfoWorld recognized Asurion with their 2018 Enterprise Architecture Award "focused on making digital transformation real". According to Forrester/InfoWorld, Asurion's EA team enabled a transformation to "microservices-based architectures deployed in a cloud-first model", allowing the company to very quickly "mix core lines of business into customizable packages" for their customers.[9]

Mergers and acquisitionsEdit

  • 1995 – Road Rescue[2]
  • 1999 – The Merrimac Group[2]
  • 2006 – Lock\line[5]
  • 2006 – Lumitrend[6]
  • 2006 – Warranty Corporation of America (WaCA)[10]
  • 2008 – National Electronics Warranty (NEW Customer Service Company)[11]
  • 2013 – Soluto[12]
  • 2017 – Sprint Service and Repair
  • 2017 – Simplr[13]
  • 2017 – Drippler[14]
  • 2019 – uBreakiFix[15]

ReferencesEdit

  1. ^ "Asurion to grow in Nashville". The Commercial Appeal. December 17, 2010. Archived from the original on September 24, 2015. Retrieved 24 June 2014.
  2. ^ a b c d "As mobile use climbs, Asurion grows". The Tennessean. September 25, 2014. Retrieved 6 April 2015.
  3. ^ a b "Paying Entrepreneurs to Find the Right Business". The New York Times. March 11, 2009. Retrieved 6 April 2015.
  4. ^ "Asurion Australia Invest $30m to create 300 jobs". ZDNet. June 3, 2014. Retrieved 6 April 2015.
  5. ^ a b "Asurion completes Lock\line deal". Nashville Business Journal. January 3, 2006. Retrieved 6 April 2015.
  6. ^ a b "Asurion Wraps Up Deal for Lumitrend". Nashville Business Journal. June 21, 2006. Retrieved 6 April 2015.
  7. ^ Richter, Wolf. "A junk-rated company just secured billions in loans — and the deal demonstrates just how irrational the credit market is right now". Business Insider. Retrieved 2020-02-07.
  8. ^ "Jerusalem start-up wins top tech prize for robo printer". The Times of Israel. January 9, 2015. Retrieved 6 April 2015.
  9. ^ Leganza, Gene (1 October 2018). "The 2018 Enterprise Architecture Awards". InfoWorld. Retrieved 12 December 2019.
  10. ^ "Asurion plans big new Atlanta software". Atlanta Business Journal. December 16, 2011. Retrieved 6 April 2015.
  11. ^ "N.E.W. Merges with Asurion". Private Equity Hub. May 23, 2008. Retrieved 6 April 2015.
  12. ^ "Cloud based device management startup, soluto, acquired by device insurer Asurion". Techcrunch. October 30, 2013. Retrieved 6 April 2015.
  13. ^ "Fast-growing Asurion launches new company". Nashville Business Journal. April 12, 2018. Retrieved 2 July 2018.
  14. ^ "Mobile Insurance Company Asurion Buys Device Tech Support Startup Drippler". Calcalist. December 19, 2017. Archived from the original on 22 December 2017. Retrieved 19 December 2017.
  15. ^ "Asurion buys national repair chain". Nashville Business Journal. August 26, 2019. Retrieved 27 August 2019.

External linksEdit