Symantec's LifeLock acquisition will make it the world's largest digital safety platform for consumers and families
Experience great storytelling anytime, anywhere on Audible
Feel the thrill of the best stories and more with Audible. Start your 30-day Free trial now to get your Free Audiobook! Monthly ₹199 thereafter.
Click here to know more
Symantec has agreed to acquire LifeLock, a consumer identity-theft protect service for $2.3 billion. The acquisition of LifeLock will make Symantec the world's largest digital safety platform for consumers and families.
The deal has been approved by board of directors of both companies and is expected to close in the first calendar quarter of 2017. Symantec says it will finance the transaction with cash on the balance sheet and raise $750 million of new debt. LifeLock is believed to have over 4.4 million customers. This acquisition will create the world's largest consumer security business with annual revenues of over $2.3 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. With the combination of Norton and LifeLock, we will be able to deliver comprehensive cyber defense for consumers," said Greg Clark, Symantec’s CEO. "This acquisition marks the transformation of the consumer security industry from malware protection to the broader category of Digital Safety for consumers."
Symantec says people's identity and data are a prime targets of cybercrime and the security industry must step up its services in order to defend the users. "With the acquisition of LifeLock, Symantec adds a new dimension to its protection capabilities to address the expanding needs of the consumer marketplace," said Dan Schulman, Symantec’s Chairman of the Board.
"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," said Hilary Schneider, CEO of LifeLock. "Together with Symantec we can deploy enhanced technology and analytics to provide our customers with unparalleled information and identity protection services. We are very pleased to have reached an outcome that serves the best interests of all LifeLock stakeholders."
LifeLock turned into a public company in October 2012. ZDNet reports LifeLock's shares have gained roughly 40 percent this year and has a market cap of $1.95 billion. LifeLock has 855 employees and is based in Tempe, Arizona.
Digit caters to the largest community of tech buyers, users and enthusiasts in India. The all new Digit in continues the legacy of Thinkdigit.com as one of the largest portals in India committed to technology users and buyers. Digit is also one of the most trusted names when it comes to technology reviews and buying advice and is home to the Digit Test Lab, India's most proficient center for testing and reviewing technology products.
We are about leadership-the 9.9 kind! Building a leading media company out of India.And,grooming new leaders for this promising industry.