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SALT LAKE CITY — A massive business deal in Utah just became the biggest tech deal in state history.
Vivint CEO Todd Pedersen isn't your typical button down, white collar executive. He's more the muscle-shirt wearing, flat-bill hat sporting kind of guy. But don't let that modest approach fool you, he just pulled off the biggest tech deal in Utah history, as Vivint hooked a $2 billion investment from New York private equity firm Blackstone.
"It's business as usual, even for me, today, other than the fact that I'm doing this," Pedersen said.
Vivint was started by Pedersen in 1999 and initially sold security alarm systems. Since then, business has been good.
"We took on investment in 2006 from some private equity firms and we've grown about 20 times since that investment happened," Pedersen said.
Now, the company's worth — about $2 billion — rivals that of large, well-known businesses like the Dallas Cowboys or Los Angeles Dodgers. And the purchase beats out other well-known recent purchases, including Facebook's purchase of Instagram for $1 billion.
Employees say it's not just about the bottom line.
It's business as usual, even for me.
–Todd Pedersen
"People, you hear a lot about Vivint, especially from its employees who are wearing hats and shirts all the time because they are treated so well here, and I think it will continue to be that way," said Taylor Turnbull, a Vivint employee.
That's evident from the on-site gym, the free cafeteria for employees and the pool tables around the Vivint campus.
"We try to treat our employees as best we can because they are our biggest asset, adn then provide great service to our customers," Pedersen said.
All meant to signal not only an eye on the bottom line, but an investment of their own into the employee.
