Asurion

In 1995, Stanford graduates Kevin Taweel and Jim Ellis used a search fund to acquire the Houston-based roadside assistance company, Road Rescue. The roadside assistance service was sold through local wireless carriers.{{cite news|url=https://www.nytimes.com/2009/03/12/business/smallbusiness/12hunt.html?pagewanted=all|title=Paying Entrepreneurs to Find the Right Business|date=March 11, 2009|work=The New York Times|accessdate=6 April 2015}} Four years later, they purchased Nashville-based Merrimac Group, which was offering specialty insurance to cover cellphones.{{citation needed|date=April 2020}} The company began expanding its operations globally in 2003, with an expansion into Asia followed by expansions into Europe (2008){{citation needed|date=April 2020}} and Australia (2013).{{cite news|url=https://www.zdnet.com/article/asurion-australia-invests-30m-to-create-300-jobs/|title= Asurion Australia Invest $30m to create 300 jobs|date=June 3, 2014|work=ZDNet|access-date=6 April 2015}} The company expanded into Latin America in 2014 with a partnership with America Movil.

The company’s products, services, and clients have expanded since founding, due in part to acquisitions. On January 1, 2006, Lock/line merged with Asurion making Lock/line's former parent company, DST Systems Inc., 35 percent shareholder of the combine company.{{cite news|url=http://www.bizjournals.com/nashville/stories/2006/01/02/daily7.html|title=Asurion completes Lock\line deal|date=January 3, 2006|work=Nashville Business Journal|accessdate=6 April 2015}} With the acquisition of Lumitrend on May 31, 2006, the company expanded its product portfolio to include CellBackup software.{{cite news|url=http://www.bizjournals.com/nashville/stories/2006/06/19/daily35.html|title=Asurion Wraps Up Deal for Lumitrend|date=June 21, 2006|work=Nashville Business Journal|accessdate=6 April 2015}} Cloud device management firm Soluto was acquired in 2013.{{cite news|url=https://techcrunch.com/2013/10/30/cloud-based-device-management-startup-soluto-acquired-by-device-insurers-asurion-for-up-to-130m/|title=Cloud based device management startup, soluto, acquired by device insurer Asurion|date=October 30, 2013|work=Techcrunch|accessdate=6 April 2015}} Also in 2006, the company acquired Warranty Corporation of America (WaCA){{cite news|url=http://www.bizjournals.com/atlanta/print-edition/2011/12/16/asurion-plans-big-new-atlanta-software.html?page=all|title=Asurion plans big new Atlanta software|date=December 16, 2011|work=Atlanta Business Journal|accessdate=6 April 2015}} then merged in 2008 with National Electronics Warranty (NEW Customer Service Company).{{cite news|url=https://www.pehub.com/2008/05/new-merges-with-asurion/|title=N.E.W. Merges with Asurion|date=May 23, 2008|work=Private Equity Hub|accessdate=6 April 2015}}

As the company attempted to expand with new ventures, customer service was always an issue. So in February 2017, Asurion launched its Simplr subsidiary to provide customer-service via on demand staffing and machine learning.{{cite news|url=https://www.bizjournals.com/nashville/news/2018/04/12/fast-growing-asurion-launches-new-company.html|title=Fast-growing Asurion launches new company|work=Nashville Business Journal|date=April 12, 2018|accessdate=2 July 2018}} Through Soluto, Asurion acquired in 2017 Drippler, another tech support app company, and merged it with Soluto.{{cite news|url=https://www.calcalistech.com/ctech/articles/0,7340,L-3727686,00.html/|title=Mobile Insurance Company Asurion Buys Device Tech Support Startup Drippler|date=December 19, 2017|work=Calcalist|accessdate=19 December 2017|archive-url=https://web.archive.org/web/20171222054034/https://www.calcalistech.com/ctech/articles/0,7340,L-3727686,00.html/|archive-date=22 December 2017|url-status=dead}} In August 2019, Asurion acquired uBreakiFix, a national phone and electronics repair chain.{{cite news|url=https://www.bizjournals.com/nashville/news/2019/08/26/exclusive-asurion-buys-national-repair-chain.html|title=Asurion buys national repair chain|date=August 26, 2019|work=Nashville Business Journal|accessdate=27 August 2019}}

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.{{Cite web|url=https://www.businessinsider.com/asurion-borrowing-billions-deal-shows-how-irrational-credit-market-is-2018-6|title=A junk-rated company just secured billions in loans — and the deal demonstrates just how irrational the credit market is right now|last=Richter|first=Wolf|website=Business Insider|access-date=2020-02-07}}

In 2019, Asurion paid $300,000 to a person who claimed to have stolen 1TB of employee and customer information.{{Cite web|last=Osborne|first=Charlie|title=These are the worst hacks, cyberattacks, and data breaches of 2019|url=https://www.zdnet.com/article/these-are-the-worst-hacks-cyberattacks-and-data-breaches-of-2019/|access-date=2020-12-24|website=ZDNet|language=en}}

The company received a CES Innovation Award in 2015 for its support and protection apps that combine live support and instant notifications.{{cite news|url = http://www.timesofisrael.com/jerusalem-start-up-wins-top-ces-award/|title = Jerusalem start-up wins top tech prize for robo printer|date = January 9, 2015|work = The Times of Israel|accessdate = 6 April 2015}}

{{Reflist}}

• {{Official website|www.asurion.com}}

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Category:Private equity portfolio companies

Category:Financial services companies established in 1994

Category:Insurance companies of the United States

Category:Privately held companies based in Tennessee

Category:Madison Dearborn Partners companies

Category:Providence Equity Partners companies

Category:Companies based in Nashville, Tennessee

Category:1994 establishments in Tennessee