SquareTrade
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Company type | Subsidiary |
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| Headquarters | Brisbane, California |
Area served | Worldwide |
Key people | Karl Wiley (Global president & CEO)[1] |
| Products | Consumer Electronics and Appliances Warranty |
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| Parent | Allstate |
| Website | squaretrade squaretrade squaretrade |
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SquareTrade Inc. is an American-based extended warranty service provider for consumer electronics and appliances[2] headquartered in Brisbane, California.
Dispute resolution services
Founded by Ahmed Khaishgi in 1999, SquareTrade launched as the first online service for resolving e-commerce disputes. SquareTrade worked with online marketplaces, such as eBay, utilizing an online negotiation tool to automate the dispute resolution process between sellers and buyers. Between 1999 and 2001, SquareTrade raised $15 million in funding from JP Morgan Partners, Weston Presidio Capital, and Draper Richards. That same year, the company launched a merchant-verification service, the SquareTrade Seal.[3][4] Both original services have since been discontinued.[5]
Warranty services
In 2006, SquareTrade began offering consumer protection plans for portable devices, appliances, and other electronics, both online and through large retailers. That same year, PC Magazine ranked it number 93 on its list of the "Best 100 Web Sites of the Year."[6] In 2012, Bain Capital and Bain Capital Ventures announced a $238 million investment in SquareTrade, which was the second-largest venture capital deal of the year.[7]
The company's underwriter has been AmTrust Financial Services, Inc., but as of 2013, SquareTrade was shifting toward Starr Indemnity.[8]
SquareTrade was acquired by Allstate in late 2016, for $1.4 billion,[9] joining Allstate's suite of consumer asset protection services.
Lawsuit
In late 2016, a class-action lawsuit was filed against SquareTrade, accusing the company of selling protection plans for products that were not eligible for coverage, which customers only discovered when filing a claim.[10]
References
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- ^ Page Module:Citation/CS1/styles.css has no content."Leadership | Allstate Protection Plans". www.squaretrade.com. Retrieved September 13, 2024.
- ^ Page Module:Citation/CS1/styles.css has no content.Ramsey, Donovan X. (May 22, 2014). "Is It Worth It to Insure Your iWhatever?". Ebony. Retrieved 27 May 2014.
- ^ Page Module:Citation/CS1/styles.css has no content.Collier, Marsha (2007-08-27). Starting an eBay Business For Dummies. John Wiley & Sons. pp. 106–. ISBN 9780470230312. Retrieved 27 May 2014.
- ^ Page Module:Citation/CS1/styles.css has no content.McGrath, Lissa (2006-01-01). 20 Questions to Ask Before Selling on EBay. Career Press. pp. 56–. ISBN 9781564148544. Retrieved 27 May 2014.
- ^ Page Module:Citation/CS1/styles.css has no content.Cortés, Pablo (2010-09-13). Online Dispute Resolution for Consumers in the European Union. Routledge. pp. 149–. ISBN 9781136943508. Retrieved 27 May 2014.
- ^ Page Module:Citation/CS1/styles.css has no content."The Top 100 Web Sites of 2010". PC Magazine. 2010-08-16. Retrieved 2013-04-03.
- ^ Page Module:Citation/CS1/styles.css has no content."Top 15 venture capital deals of 2012". Venture Beat. 2012-12-28. Retrieved 2013-04-03.
- ^ Page Module:Citation/CS1/styles.css has no content."Appliance Service Contract Underwriters, 17 October 2013". Warranty Week. 17 October 2013. Retrieved 27 May 2014.
- ^ Page Module:Citation/CS1/styles.css has no content."Allstate just shelled out $1.4 billion for a money-losing company". Crain's Chicago Business. Retrieved 2017-08-11.
- ^ Page Module:Citation/CS1/styles.css has no content.Reformado, Wadi. "SquareTrade hit with class action". Retrieved 2017-08-26.
External links
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