SAPPHIRE Technologies, Inc. announced Wednesday that it had completed the sale of its Silicon Web solutions business to Vivint International Ltd., bringing its total revenue to more than $1.5 billion, including $250 million in proceeds from its IPO in July.
Vivint, the second-largest software developer and cloud platform provider, is valued at about $5.7 billion.
Vivint CEO Brian Lydon said the acquisition is a great opportunity to bring Vivint’s technology, expertise and global reach to the cloud market.
The combined Vivint and Vivint Solutions business will continue to be headquartered in San Francisco, Calif., while Vivint will continue with a regional headquarters and the technology will be delivered globally.
The company has approximately 25,000 employees and employs more than 6,000.
Vizio Inc., a digital camera maker and video-streaming company, said in a statement that Vivint has reached a strategic agreement to acquire Vivint Technology Solutions for $900 million.
Vivinter, Vivint technology solutions division and Vivinter Digital Solutions, Vivinter Media Solutions, are all part of Vivint.
The transaction includes Vivint, Vivinters’ Vivint Technologies division, VivInter and Vivinters Media Solutions businesses.
Vitint, based in San Jose, Calif.
, offers software and hardware solutions to more 20 million users around the world.
Its technology is used in the enterprise and the consumer markets.
Its digital camera business has become the fastest growing segment of its business, according to The Wall Street Journal.