MEMPHIS, Tenn.--(BUSINESS WIRE)--Frontdoor, Inc. (NASDAQ: FTDR), the country’s leading provider of home service plans, today announced it has acquired Streem, Inc. for a combination of cash and equity, including incentive-based equity. The Portland-based technology startup uses enhanced augmented reality, computer vision and machine learning to help home services professionals more quickly and accurately diagnose breakdowns and complete repairs. Streem’s cutting-edge platform also enables remote troubleshooting and customer assistance across a broad range of industries.
“I am extremely excited about Frontdoor’s acquisition of Streem. Not only will it accelerate our work to transform the service experience for homeowners and reduce costs, it will create unique opportunities for new revenue streams across a variety of new channels,” said Rex Tibbens, president and CEO of Frontdoor. “This technology is a perfect fit for our core home service plan business and for our future On Demand customers. Over time, we will use Streem’s in-home augmented reality across our platform to deliver a superior experience to our more than 2 million customers and our network of over 16,000 contractor firms.”
Streem’s mobile platform uses breakthrough user-friendly technology to help expedite the repair process for homeowners. It is a welcome development in today’s fast-paced world when unexpected breakdowns can wreak havoc on schedules and create unnecessary frustration and stress.
Here’s how Streem works: Homeowners use their smartphone camera to instantly connect with a service professional who can remotely see the item that needs attention. The service professional can then remotely guide the homeowner leveraging Streem’s simple augmented reality tools and use the customer’s mobile camera to capture a variety of important details more efficiently than verbal, text or email exchanges. These details such as brand, model and serial number, and measurements, can help reduce time required for completing repairs, and, in some cases, even eliminate the need for a technician to visit the home in the event the service provider is able to offer a simple DIY solution.
“Combining Streem’s AR-enhanced platform with Frontdoor’s marketplace, will accelerate the transformation of the service experience for consumers and businesses alike,” said Streem co-founder and CEO Ryan Fink. “We’ve long said our platform is defined by three key pillars: remote video collaboration, simple augmented reality tools, and, most importantly, contextual data. This allows service experts to capture information as well as - if not better than - if they were on site. Our shared visions for simplifying life and delivering innovative technology to help solve problems are extremely aligned.”
Streem, which was founded in 2017, has earned numerous accolades in the technology and consumer services industries, including the IHS Markit Innovation Award which was presented at the 2018 Mobile World Congress in Barcelona. In June 2019, it was ranked second on the Crunchbase top 50 global list of technology companies, and earned a Frost & Sullivan Best Practice Award for Artificial Intelligence (AI) technology innovation in October.
Streem’s leadership team and employees will continue to focus on developing innovative AI-enhanced technology solutions post-acquisition, as well as expanding its existing retail, consumer telecommunications, and technology channels.
“Our North Star remains constant: to take the hassle out of homeownership,” said Tibbens. “Streem’s one-of-a-kind technology and its incredibly talented team of experts further accelerates the transformation of our business and the broader home services space, and will allow us to deliver an experience to homeowners unlike any other.”
Frontdoor is a company that’s obsessed with taking the hassle out of owning a home. With services powered by people and enabled by technology, it is the parent company of four home service plan brands: American Home Shield, HSA, Landmark and OneGuard. Together, it serves more than two million customers across the U.S. through a network of more than 16,000 pre-qualified contractor firms that employ over 45,000 technicians. The company’s customizable home service plans help customers protect and maintain their homes from costly and unexpected breakdowns of essential home systems and appliances. With more than 45 years of experience, the company responds to over four million service requests annually (or one request every eight seconds).
Streem’s mission is to make the world’s expertise more accessible. The technology startup uses augmented reality (AR), computer vision and machine learning to make communication between consumers and brands more efficient, more accurate, and more convenient - all while providing contextual insights to the brand. Streem provides a full platform (SDK and Web) that enables remote video collaboration, offers simple AR tools to make that experience as valuable as being on-site, and automatically captures relevant project or product data to better arm experts with the information they need.
Information Regarding Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and beliefs, as well as a number of assumptions concerning future events. These statements are subject to risks, uncertainties, assumptions and other important factors. Readers are cautioned not to put undue reliance on such forward-looking statements because actual results may vary materially from those expressed or implied. The reports filed by Frontdoor pursuant to United States securities laws contain discussions of these risks and uncertainties. Frontdoor assumes no obligation to, and expressly disclaims any obligation to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are advised to review Frontdoor's filings with the United States Securities and Exchange Commission (which are available on the SEC's EDGAR database at www.sec.gov and via Frontdoor’s website at investors.frontdoorhome.com).