LEHI — Utah-born Vivint Smart Home announced a merger deal Monday that will generate almost $700 million in new capital for the company that specializes in home security and smart home automation.
Vivint announced it will merge with Mosaic Acquisition Corp., a publicly traded special purpose acquisition company. Vivint has entered into a definitive agreement to merge Vivint with a subsidiary of Mosaic and, following the merger, Mosaic will be renamed “Vivint Smart Home Inc.” Mosaic is an investment entity created by a subsidiary of Japanese investment giant SoftBank Group.
Vivint founder and CEO Todd Pedersen said the new funding will allow the 20-year-old company to leverage a “massive opportunity” in the fast-growing smart home market.
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