Today, Symantec and LifeLock announced that they have entered into an agreement for Symantec to acquire LifeLock for $2.3 billion in enterprise value. The deal is expected to close in the first quarter of 2017.
Reports say that last year, one-third of American citizens and over 650 million people globally were the victims of cyber crime. Consequently, more and more consumers are concerned about digital safety.
Hilary Schneider, CEO, LifeLock said :
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.
Symantec’s acquisition of LifeLock will bring together consumer security provider Norton and identity protection and remediation services provider LifeLock. The companies claim that 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.
Greg Clark, CEO, Symantec said :
As we all know, consumer cybercrime has reached crisis levels.
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.