Symantec’s security software often comes bundled with personal computers so the company has suffered as consumers use mobile devices more than traditional computers these days. Norton antivirus, Symantec’s most prominent product is still profitable, but the company is looking for ways to keep her consumer division alive. In that sense, Symantec has just announced it will acquire U.S. identity theft protection services company LifeLock Inc for $2.3-billion, in a deal that it hopes will prop up sales at for its Norton antivirus.
The deal is supposed to be announced this Monday, and it already figures on Symantecs website. Arizona-based LifeLock was pursued by bidders but Symantec ended up taking it.
The deal is geared towards US consumers, seeing that last year, a third of American citizens and over 650 million people globally were the victims of cybercrime and Symantec’s purchase of LifeLock is in line with its efforts to diversify its product offerings. In August, it bought Blue Coat Inc, which helps firms maintain security over the internet, in a $4.65 billion deal. Clark previously held the top job at Blue Coat, and made the switch after the deal closed.
LifeLock offers services such as monitoring new account openings and credit-related applications in order to alert consumers about unauthorized use of their identity. It also works with government agencies, merchants and creditors to remediate the impact of identity theft.
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. With the combination of Norton and LifeLock, Symantec will be able to deliver comprehensive cyber defense for the consumers it already serves and capture new ones.
In fact, Symantec’s acquisition of LifeLock brings together the #1 leader in consumer security with a leading provider of identity protection and remediation services. The combination will create the world’s largest consumer security business with over $2.3 billion in annual revenue based on last fiscal year revenues for both companies.