Asurion Acquires Soluto

Posted Oct 30, 2013

Asurion is a Kansas City, Missouri based device insurer company that has acquired Soluto, a Tel Aviv cloud-based service that allows users to manage devices remotely.  The acquisition price is believed to be at between $100 million and $130 million.

Asurion generates revenues by offering technical support and insurance for mobile devices.  AT&T, Sprint, T-Mobile, Verizon, and other telecommunications companies resells Asurion?s protection policies to customers.

?Our research shows that consumers are not equipped to manage a growing number of complex and interconnected devices,? stated Tony Detter, the senior vice president of global product management at Asurion.

Soluto got into mobile device market a few months ago with remote support for iOS.  Soluto is also known for helping manage PCs and servers.  Soluto was not profitable when they were acquired.  Their services were free since they launched in 2008 and they just started recording revenues.

Soluto co-founders Tomer Dvir and Ishay Green own 10% of the company each.  Dvir is currently CEO of Soluto and Green is no longer at the company.  Soluto raised $18 million in funding from Index Ventures, Bessemer Venture Partners, and Proxima Ventures.

Soluto’s 40 employees will remain in Tel Aviv.  They hit over 3 million downloads and 15 million users actions over the last 5 years.

[Source: VentureBeat]