Acquisition underscores Snap One’s mission to support Partners by facilitating business growth through recurring revenue opportunities
CHARLOTTE, N.C., Oct. 24, 2022 (GLOBE NEWSWIRE) — Snap One Holdings Corp. (Nasdaq: SNPO) (“Snap One,” the “Company,” “we,” or “our”), a provider of smart living products, services, and software to professional integrators, today announced the acquisition of Parasol (“Parasol”), a powerful 24/7 remote support service based on OvrC, creating new opportunities for Snap One Partners to focus on running their business while increasing profitability, productivity and service levels to their customers. The acquisition builds on Snap One’s strategic investment in Parasol last year and affirms its commitment to supporting Partners across the entire project lifecycle.
According to Snap One CEO John Heyman, bringing Parasol under the Snap One umbrella promises multiple benefits for our Partners. “Parasol has succeeded in popularizing a powerful remote service solution that helps professional integrators reduce response times, increase monthly service revenues, and improve client experiences with support,” Heyman said. “Adding to our initial investment, a full acquisition demonstrates our confidence in the service offering and the growth opportunities it offers to Snap One Partners.”
Parasol will continue to support all existing customers and projects, and the company’s knowledge and experience will integrate into the larger Snap One team to aid development of future software, services and support products.
Ted Bremekamp, Co-Founder and Director of Operations at Parasol, sees significant potential for sales growth and further enhancements through closer coordination with Snap One’s various product development initiatives.
“Snap One and Parasol have become close partners over the last year and half, and officially joining forces allows us to focus even more on innovation and collaborative product improvement to address Snap One Partners’ short- and long-term needs,” Bremekamp stated. “We can help Partners of all sizes increase their workforce efficiency while creating new revenue streams and minimizing the need for cumbersome truck rolls that detract from focus on new projects and business growth.”
Parasol is a rapidly growing remote support company powering more than 500 integration companies worldwide. Using Snap One’s OvrC platform, Parasol provides affordable remote management of systems that offer integrators the ability to remotely manage their installations, while at the same time earning recurring monthly revenue (RMR) for their services. According to the company, 70 percent of support issues are solved with a single interaction and agents are available 24/7/365 via phone, email, chat, or text.
Snap One previously announced a strategic investment in Parasol in May 2021 that complemented their acquisition of Access Networks, offering trusted networking and remote management solutions from a single supplier that operates more than 30 physical Snap One Pro Store locations across the United States.
“Parasol was created by a group of three CE Pro 100 integrators who understood how support could positively impact client experiences, as well as integrators’ quality of life,” Heyman concluded. “Improving our Partners’ quality of life – and giving them back some of their time – is something that they have told us that they really value. We’re thrilled to continue providing them with support through the acquisition of Parasol.”
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About Snap One
As a leading manufacturer and distributor of smart living technology, Snap One empowers its vast network of professional integrators to deliver entertainment, connectivity, automation, and security solutions to residential and commercial end users worldwide. Snap One distributes an expansive portfolio of proprietary and third-party products through its intuitive online portal and local branch network, blending the benefits of e-commerce with the convenience of same-day pickup. The company provides software, award-winning support, and digital workflow tools to help its integrator partners build thriving and profitable businesses. Additional information about Snap One can be found at snapone.com.
Contacts
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Snap One
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Griffin360
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Vice President
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Investors:
Tom Colton and Matt Glover
Gateway Investor Relations
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