Brightstar Corp. Announces Agreement to Acquire Cell Phone Insurance Company eSecuritel
Addition of Cell Phone Protection Services Further Broadens Brightstar's Global Solutions Portfolio
MIAMI and ALPHARETTA, Ga., April 5, 2011 /PRNewswire/ -- Brightstar Corp., a global leader in solutions for the wireless industry, announced today it has reached an agreement to acquire eSecuritel, a leading provider of cell phone and wireless products insurance services, from its current owners comprised of Mainsail Partners and management. Through the agreement, Brightstar will be able to quickly integrate eSecuritel's handset protection services into its global services platform. Brightstar anticipates closing the transaction within the next ten business days. eSecuritel will remain headquartered in Alpharetta, Georgia.
Cell phone protection programs have become particularly attractive to consumers, who want to protect their increasingly sophisticated phones and mobile devices, as well as to wireless operators and retailers, who are looking for ways to drive customer loyalty. eSecuritel's product offering on behalf of its operator, retailer and dealer customers ensures a reliable product replacement cycle, from the initial consumer claim, all the way through to the delivery of replacement phones.
"This strategic acquisition reinforces our commitment to continue investing in wireless solutions that provide real value to our customers," said Marcelo Claure, founder and CEO of Brightstar Corp. "The acquisition will combine eSecuritel's suite of cell phone protection and replacement programs, proprietary IT systems and processes along with Brightstar's global logistics, device sourcing and IT customization capabilities."
"We're excited to be joining a strong global organization like Brightstar," said David Leach, CEO of eSecuritel. "We will continue to offer operators, retailers and consumers cell phone protection services of the highest quality, and can now do so as part of a multi-billion dollar global services company."
"We are thrilled for the team at eSecuritel to be joining a leader in the telecommunications industry," said Gavin Turner, Managing Partner at Mainsail Partners. "Combining eSecuritel's world class products and services with BrightStar's strong customer base and global reach is a tremendous win for partners and customers of both companies."
About Brightstar Corp.
Brightstar is a multi-billion dollar global services company providing solutions to Manufacturers, Operators, Retailers, and Enterprises serving the telecommunications industry. With sales and distribution facilities on six continents, Brightstar offers its customers the largest global reach, enabling the right product to be in the right place, at the right time. For more information on Brightstar, please visit www.brightstarcorp.com.
Founded in 2001, eSecuritel, the expert in comprehensive cell phone insurance and replacement programs, delivers an unparalleled customer experience for subscribers and profitability for carriers and dealers. Unlike other services where only malfunction is covered, eSecuritel provides phone protection for new, used, or prepaid wireless devices against loss, theft and accidental damage as well as mechanical/electronic failure and malfunction. As the cornerstone to our services delivery, our Handset Issue Tracking System, or HITS™ technology, easily integrates with a carrier's or dealer's systems, managing all aspects of the mobile phone insurance program from subscriber enrollment to claim fulfillment. It removes the burden of program management, making it possible to deliver faster adjudication and replacement services to subscribers. For more information please visit www.esecuritel.com.
About Mainsail Partners
Mainsail Partners is a San Francisco-based private equity firm founded in 2003, focused on investing in "bootstrapped" businesses and building them into industry-leading companies. Mainsail's extensive company-building experience presents unique value for entrepreneurs and management teams looking to scale their business and achieve exceptional results in the next phase of growth. For more information, please visit http://www.mainsailpartners.com.
For more information, contact:
Michele M. Merrell
SOURCE Brightstar Corp.
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