SquareTrade announces record year in 2012 with 90% growth and global expansion
Customer reviews, speed of service and partnerships with 5 of the Top 10 largest retailers drive growth in US and Europe
30 January 2013 – SquareTrade, the top-rated protection plan, today announced it grew by 90% in 2012, driven by the widespread use of consumer electronics and the increasing need to protect them. SquareTrade is recognised for its excellent customer service in an industry that is renowned for the opposite and has attracted the attention of five of the top ten largest retailers in the world.
“2012 was an incredible growth year for SquareTrade – in every respect. In addition to growing our business through strong partnerships with some of the world’s greatest retailers, we strengthened our unique bond with millions of customers in the U.S. and UK,” commented Steve Abernethy, president and CEO of SquareTrade. “The combination of a talented, world-class team, a strong brand, a large market opportunity and the capital to pursue it, position us well for success in 2013 and beyond. “
SquareTrade expansion:
- Partnership with Bain Capital and Bain Capital Ventures led to the second largest venture capital investment of 2012
- Former Hotwire, Esurance, Clorox and P&G executive Ty Shay joined SquareTrade as CMO
- Michael Adler, former Expedia CFO, joined SquareTrade as CFO
- Green Dot Veteran SVP Dina Furash joined SquareTrade as SVP of Strategic Partnerships
Leading channel partners and solutions multiply: globally there is now $2.8B under SquareTrade protection
- Leading national retailers, including Tesco, Asda, Amazon and Ebay expanded the breadth of products under SquareTrade protection plans available to their customers while retailers began offering SquareTrade for all equipment in-store and online
- Large consumer electronics manufacturers and distributors partnered with SquareTrade to enhance customer loyalty
- SquareTrade saw great success with its mobile offering - completing its first full year in large, national stores
Consumer feedback grows:
- SquareTrade Facebook fans grew by 80% to 195,000 people - creating the largest fan base of any warranty company in the world
- Thousands of SquareTrade customers wrote reviews on retailer sites and Facebook, resulting in consistent 5-star ratings praising its service, ease of use and value
- More than 22 million people consulted its drop tests to compare new devices
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About SquareTrade
SquareTrade is the top-rated protection plan trusted by millions of happy customers for its fast and exceptional service. SquareTrade protects mobile devices, laptops and tablets, and other consumer electronics and appliances from malfunctions, accidental damage and life’s frequent mishaps. Unlike old-fashioned warranties, SquareTrade is designed for today’s consumer and uses innovative technology to deliver a zero hassle claims process. SquareTrade has more than 180,000 fans on Facebook, consistently wins industry awards and receives thousands of 5-star reviews for its legendary customer service. Top retailers around the world offer SquareTrade, achieving a 200% increase in sales on average and happier customers. SquareTrade’s rapid transformation of the warranty industry attracted one of the largest private capital raises in 2012, with a $238 million round led by Bain Capital and Bain Capital Ventures. Headquartered in San Francisco and London, SquareTrade is privately held. For more information, go to www.squaretrade.co.uk
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