The Symantec Corporation, currently headquartered in Mountain View, California, recently published a press release announcing their intent to acquire Arizona-based identity-theft protection company Lifelock for $2.3 billion to increase their customer base.
This merger would make Symantec the biggest cyber-security company in the world. The deal already has the approval of both companies. They expect to make it official somewhere around the first quarter of 2017.
Symantec’s management will discuss the terms and details of this transaction in a conference call that interested users can witness via their official website. The meeting will be today at 5:30 AM PT and 8:30 AM ET.
The Symantec/LifeLock deal will produce a digital safety powerhouse company
The acquisition of LifeLock by Symantec combines their Norton antivirus, which is one of the best-selling in the world, with LifeLock’s leading Identity Protection technology. The merger also translates into an expanded consumer market for both companies.
“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,” Symantec’s CEO, Greg Clark, said in a statement.
The press release states that the deal will mean over $2.3 billion in annual revenue for Symantec, the same amount they are currently purchasing LifeLock for, at a price of $24 a share.-
Reports of cybercrime are reaching an all-time high
About one-third of Americans and approximately 650 million people worldwide were victims of some cybercrime, according to the article. From phishing scandals to global-scale hacking attacks, they are right to denounce a rise in digital threats.
Dan Schulman, Chairman at Symantec, said people’s identity where hackers’ prime targets. He emphasized the security industry had to step up and defend their customers through innovation and vigilance. He believes LifeLock will let Symantec do that.
Symantec’s merger with LifeLock will not only mean a bigger revenue for the enterprise but also a way for safety-concerned consumers to access a wider range of options to defend themselves against the latest digital risks.
What does LifeLock do?
The company provides many services for individual consumers and businesses, including risk management in the workplace. These services include threat detection technology, proactive identity alerts, and comprehensive remediation services.
LifeLock also offers training programs for law enforcement agencies and security partners, along with some non-profit organizations, to raise awareness about the dangers of identity theft.