Such a great article.
I use to work in ADT’s M&A Group and was part of the team that led the Zonoff investment — I left shortly before Protection 1 and its deep pocketed P/E daddy, the Apollo Group, acquired ADT .
Given the structure of P1’s acquisition ($6.9B LBO) and the subsequent axing of ADT’s Senior Management (my group included), Zonoff became collateral damage as Apollo never planned on fulfilling this funding obligation.
When we made this investment, there was so much optimism and enthusiasm around Zonoff becoming our IOT platform of the future and believed we had freed ourselves from iControl; finally regained control over our technical destiny.
It’s sad to see Apollo act in such a heavy handed manner and will be rooting for you and the rest of the Ring team to prevail!