Frontdoor, Inc. (NASDAQ: FTDR), a Memphis, Tenn.-based provider of home service plans, acquired Streem, Inc., a Portland-based home services technology startup.
The amount of the deal was not disclosed.
Over time, Frontdoor will use Streem’s in-home augmented reality across its platform to improve the experience to its more than 2 million customers and the network of over 16,000 contractor firms.
Led by co-founder and CEO Ryan Fink, Streem uses enhanced augmented reality, computer vision and machine learning to help home services professionals more quickly and accurately diagnose breakdowns and complete repairs. The company’s platform also enables remote troubleshooting and customer assistance across a broad range of industries.
Homeowners use their smartphone camera to instantly connect with a service professional who can remotely see the item that needs attention. The service professional can then remotely guide the homeowner leveraging simple augmented reality tools and use the customer’s mobile camera to capture a variety of important details more efficiently than verbal, text or email exchanges.
These details such as brand, model and serial number, and measurements, can help reduce time required for completing repairs, and, in some cases, even eliminate the need for a technician to visit the home in the event the service provider is able to offer a simple DIY solution.
Streem’s leadership team and employees will continue to focus on developing innovative AI-enhanced technology solutions post-acquisition, as well as expanding its existing retail, consumer telecommunications, and technology channels.
Led by Rex Tibbens, president and CEO, Frontdoor is the parent company of four home service plan brands: American Home Shield, HSA, Landmark and OneGuard. Together, it serves more than two million customers across the U.S. through a network of more than 16,000 pre-qualified contractor firms that employ over 45,000 technicians.
FinSMEs
05/12/2019