Symantec to acquire LifeLock for $2.3 billion

Norton Antivirus-maker Symantec has confirmed it is to acquire identify theft protection company LifeLock for $2.3 billion.

LifeLock boasts 4.4 million customers and provides identity theft protection for consumers as well as credit, and risk assessments for businesses. 

Symantec chief executive, Greg Clark said in an interview: “Norton had been declining with the declines in PC market share. This acquisition brings $660 million in revenue to the consumer business and returns it to longer sustainable growth.” 

Clark also said: “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. With the combination of Norton and LifeLock, we will be able to deliver comprehensive cyber defence for consumers.

“This acquisition marks the transformation of the consumer security industry from malware protection to the broader category of digital safety for consumers.” 

LifeLock CEO Hilary Schneider also commented: “After a thorough review of a broad range of alternatives, our board of directors unanimously concluded that Symantec is the ideal strategic partner for LifeLock, and offers our shareholders a significant premium for their investment, at closing. We are very pleased to have reached an outcome that serves the best interests of all LifeLock stakeholders.”

Symantec confirmed it does not expect that this deal will leave a financial footprint on its performance next year, and reaffirmed its fiscal year 2017 and 2018 guidance. 

PCR’s Sector Spotlight on Security – in association with BullGuard – is running throughout November 2016 – click here for more articles

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