Security Software Company Symantec to Acquire Identity Theft Protection Company LifeLock

November 21, 2016
Security Software Company Symantec to Acquire Identity Theft Protection Company LifeLock
Security software company Symantec Corporation (Symantec) is to acquire identity theft protection company LifeLock Inc. (LifeLock). Symantec, which has headquarters in Mountain View, California, United States, is recognized as one of the world’s main cyber security companies and caters to some 50 million people worldwide. The company is very much a household name and aside from its products (particularly its Symantec’s Norton suite) protecting home-based PCs, the company deals with business customers and government organizations that need to protect data from a range of threats. Its purchase of LifeLock Inc. (LifeLock) is reported to have cost the company $2.3 billion.

LifeLock has headquarters in Tempe, Arizona, United States and specializes in identity theft protection systems designed to detect fraudulent applications for services such as credit services. Symantec’s acquisition of the company is intended to enhance its cybersecurity unit’s capabilities. The company also hopes it will help readdress lost revenues from fallen sales resulting from the global shift from PCs to mobile devices. It comes on the heels of Symantec’s fairly recent acquisition of Blue Coat Inc. for $4.65 billion.

“As we all know, consumer cybercrime has reached crisis levels. LifeLock is a leading provider of identity and fraud protection services, with over 4.4 million highly-satisfied members and growing,” explained the CEO of Symantec, Mr. Greg Clark. “With the combination of Norton and LifeLock, we will be able to deliver comprehensive cyber defense for consumers. This acquisition marks the transformation of the consumer security industry from malware protection to the broader category of Digital Safety for consumers.”

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