ARLO AND VERISURE EXTEND STRATEGIC PARTNERSHIP

Rhea-AI Summary

Arlo Technologies, Inc. (NYSE: ARLO) renewed its strategic partnership with Verisure, a leading provider of security solutions in Europe, until 2029. Arlo will supply cloud platform services, AI solutions, and innovative products to support Verisure's retail and direct security channels with over 5M customers in Europe and Latin America. The partnership aims to deliver top-notch security solutions to customers across Europe.

Positive

• Arlo Technologies solidifies its position as a key supplier to Verisure, enhancing its revenue stream and market presence through the extended partnership.

Negative

• While the partnership renewal marks a positive development for both companies, any potential risks associated with market changes or technological advancements in the security industry could impact the partnership's effectiveness in the future.

Arlo to provide SaaS platform services, AI analytics, and innovative products in support of Verisure's growing European business for another five years

SAN JOSE, Calif., May 9, 2024 /PRNewswire/ -- Arlo Technologies, Inc. (NYSE: ARLO), a leading smart home security brand, announced today the renewal of its strategic partnership agreement with Verisure, the leading provider of monitored security solutions in Europe. Under the terms of the partnership, which will continue until 2029, Arlo will continue to be an important supplier to Verisure, delivering cloud platform services, AI computer vision solutions, AI-powered security services, and innovative products to support Verisure in both its retail business and direct security channel, which have more than 5M customers across Europe and Latin America today.

Arlo offers an award-winning portfolio of smart security services and devices based on nearly a decade of innovation and intellectual property. This deep expertise in software, artificial intelligence, computer vision, wireless connectivity, product design, and cloud infrastructure is focused on delivering a seamless, smart home security experience for users that is simple to set up but powerful in capabilities. Paired with Verisure's leading security ecosystem and professional monitoring, Arlo and Verisure will continue to work together to deliver best-in-class security solutions to customers across Europe.

"Our companies have a shared vision to provide excellent security solutions and I am proud of what we have accomplished together in the first term of the partnership," said Matthew McRae, CEO of Arlo Technologies. "I look forward to supporting Verisure for another five years as they continue to grow, innovate, and serve the European region with a truly outstanding security solution."

Verisure is the leading European provider of professionally monitored security systems with 24/7 response services. The company's mission is to bring peace of mind to families and small business owners by providing them with the best security solutions and services. Verisure is known for category-creating marketing, sales excellence, innovative products and services, and customer-centricity. Verisure also has a highly satisfied and loyal customer base, with some of the strongest growth rates and best retention rates globally in consumer-facing services, demonstrating its exceptional service levels and strong value proposition to its customers.

About Arlo Technologies, Inc.
Arlo is an award-winning, industry leader that is transforming the ways in which people can protect everything that matters to them with advanced home, business, and personal security solutions. Arlo's deep expertise in AI- and CV-powered analytics, cloud services, user experience and product design, and innovative wireless and RF connectivity enables the delivery of a seamless, smart security experience for Arlo users that is easy to set up and interact with every day. Arlo's cloud-based platform provides users with visibility, insight, and a powerful means to help protect and connect in real-time with the people and things that matter most, from any location with a Wi-Fi or a cellular connection. Arlo has recently launched several categories of award-winning connected devices, software, and services. These include wire-free, smart Wi-Fi and LTE-enabled security cameras, video doorbells, floodlights, security system, and Arlo's subscription services: Arlo Secure and Arlo Safe.

With a mission to bring users peace of mind, Arlo is as passionate about protecting user privacy as it is about safeguarding homes and families. Arlo is committed to implementing industry standards for data protection designed to keep users' personal information private and in their control. Arlo provides enhanced controls for user data, supports privacy legislation, keeps user data safely secure, and puts security at the forefront of company culture.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. The words "anticipate," "expect," "believe," "will," "may," "should," "estimate," "project," "outlook," "forecast" or other similar words are used to identify such forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. The forward-looking statements represent Arlo Technologies, Inc.'s (the "Company" or "Arlo") expectations or beliefs concerning future events based on information available at the time such statements were made and include statements regarding lowering the barrier of entry and broadening the market for DIT security and Arlo cameras, Arlo video doorbells, Arlo Secure, Arlo Secure Plus, and future Arlo products. These statements are based on management's current expectations and are subject to certain risks and uncertainties, including the following: future demand for the Company's products may be lower than anticipated; consumers may choose not to utilize payment plans or to adopt the Company's new product offerings, or may adopt competing products; and product performance may be adversely affected by real-world operating conditions. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Further information on potential risk factors that could affect Arlo and its business are detailed in the Company's periodic filings with the Securities and Exchange Commission, including, but not limited to, those risk factors described in the Company's most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q and subsequent filings with the Securities and Exchange Commission. Given these circumstances, you should not place undue reliance on these forward-looking statements. Arlo undertakes no obligation to release publicly any revisions to any forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

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SOURCE Arlo Technologies, Inc.

FAQ

What services will Arlo provide to Verisure under the renewed partnership agreement?

Arlo will continue to supply cloud platform services, AI computer vision solutions, AI-powered security services, and innovative products to support Verisure's business in Europe and Latin America.

How long will the renewed partnership agreement between Arlo and Verisure last?

The renewed partnership agreement is set to continue until 2029.

Who is the CEO of Arlo Technologies?

Matthew McRae is the CEO of Arlo Technologies.