Alantra advised iCracked on its sale to The Allstate Corporation
Alantra is pleased to announce the sale of its client, iCracked, Inc., to SquareTrade, Inc., a division of The Allstate Corporation (NYSE:ALL). The transaction closed on February 11, 2019 and the financial terms of the deal were not disclosed. Alantra acted as the exclusive financial advisor to iCracked on this transaction.
Headquartered in San Francisco, iCracked is the world’s largest on-demand, internet-based phone and tablet repair network for iOS and Android devices. Repair requests are booked online via the iCracked website and technicians are dispatched to the customer’s preferred location to perform the repair. iCracked contracts with 1500+ “iTechs” offering services in more than 60 metropolitan areas across the US and Canada. Customer calls are scheduled as quickly as 30 minutes later, and repairs take about an hour.
SquareTrade, based in San Francisco and London, is a leading provider of protection plans, tech support, and warranty services for technology and appliances. “Today’s consumers rely on connectivity to run their lives, and they can’t afford to wait for device repairs,” said Ahmed Khaishgi, President and co-founder of SquareTrade.
Alantra’s San Francisco-based deal team included Kelemen Papp (Managing Director), Irfan Iqbal (Managing Director), Allen Kogan (Director) and Jon Ng (Associate). “Roughly 50% of all smartphone owners have experienced a cracked screen,” said Kelemen Papp. “A.J. and Anthony, iCracked’s Founders, built the first on-demand marketplace to solve this significant pain point. It is exciting to see SquareTrade and Allstate embrace their vision and continue to build a leadership position in the market,” he concluded.