Greg Clark, chief executive of Symantec, said, “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.”
Hilary Schneider, chief executive of LifeLock, said, “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. Together with Symantec we can deploy enhanced technology and analytics to provide our customers with unparalleled information and identity protection services.”
Lifelock is US-based and monitors a wide spectrum of identifying information beyond just a Social Security number or credit monitoring. It will alert users of suspicious activity involving their identity. The deal is valued at US$2.3 billion and makes Symantec’s Norton division the clear leader in the consumer security space. Lifelock will roll out to most markets where Norton products are sold.