PROVO — Vivint Smart Home made its debut on the New York Stock Exchange Tuesday following the successful completion of a megamerger announced last September.

The merger and subsequent initial public offering infuses Utah-born Vivint with a stack of fresh capital, estimated before the deal closed to be in the neighborhood of $690 million.

Vivint’s conjoining with Mosaic Acquisition Corp., a publicly traded special purpose acquisition company, closed late last week. The combined companies are doing business as “Vivint Smart Home Inc.” and trading under the VVNT ticker symbol. Mosaic is an investment entity created by a subsidiary of Japanese investment giant SoftBank Group. Vivint called the transaction “one of the largest U.S. (special purpose acquisition company) mergers ever with an enterprise value of $4.2 billion, including additional equity of $488 million.

The new Vivint stock saw a modest gain of about 5% in its first day on the markets and ended regular trading at $10.40 per share.

Vivint founder and CEO Todd Pedersen said the move strengthens the company’s position in a highly competitive market for smart home automation providers.

“Completing our merger with Mosaic and becoming a publicly traded company is an important milestone for Vivint,” Pedersen said in a statement. “With the new capital from this transaction, we will strengthen our balance sheet and continue to invest to support our mission of helping families live more conveniently and intelligently with Vivint’s smart home platform.

“As we begin our next chapter, Vivint is well positioned to achieve our goal of redefining the home experience.”

The company was founded in Provo by Pedersen, a former BYU student, getting its start as an alarm company in 1999 but later evolving into the smart home market and rebranding as Vivint in 2011. In 2012, New York City private equity giant Blackstone Group acquired the company for $2 billion. At the time of a Deseret News profile of the company in 2017, the Wall Street Journal reported Blackstone was seeking a buyer for the company at a valuation of around $6 billion.

When news of the Mosaic deal first broke last year, Vivint Smart Home President Alex Dunn told the Deseret News the smart home industry was finally catching up to the company’s vision for how connected devices, home security and automated processes would likely evolve.

“We’re not only excited about the (merger) transaction but excited about how the industry is playing out,” Dunn said. “We had a thesis early on, that wasn’t widely accepted, that delivering a true smart home experience went beyond just selling connected devices. It requires a vertically integrated system that delivers the whole experience to the consumer.”

Dunn said the approach embraced by most companies in the smart home space was that consumers would purchase the devices they wanted, install them, and figure out a way to manage what could accumulate to be a dozen or more different items.

Vivint employs a variety of sensors, coupled with a computer-based, artificial intelligence-driven control system, that can not only give homeowners the ability to control and monitor their home systems from afar, but the system can actually “learn” the habits of its owners and make adjustments that can, in Dunn’s words, “take some of the burden off the shoulders of homeowners and their families.” The system integrates with numerous third-party devices, including Amazon Echo, Google Home, Nest, Kwikset and others.

Vivint’s management team, led by Pedersen and Dunn, will continue to lead the combined company. David Maura, executive chairman and CEO of Mosaic, will join the combined company’s board of directors.

“In a market where it is difficult to find value, Vivint presents a unique opportunity to invest in the rapidly expanding home automation space,” Maura said in a statement. “Vivint’s smart home technology empowers the customer to control the entire home from one app, and its offering is delivered with a customer-focused approach to sales, installation and service. In contrast to many competitors, Vivint owns its entire data stack, and the company has built a competitive moat by seamlessly merging the digital and physical worlds.

“I have made a significant personal investment in Vivint and I look forward to serving on the board as Todd, Alex and the team lead the company through its next phase of growth and development.”