MOUNTAIN VIEW, Calif. – Feb. 9, 2017 – Symantec Corp. (NASDAQ: SYMC) today announced that it completed its acquisition of LifeLock, Inc., a leading provider of identity theft protection, for approximately $2.3 billion. The acquisition transforms Symantec’s consumer business and creates one of the most comprehensive consumer digital safety platforms to help people protect their information, identities, devices and families. This follows the approval of the transaction by LifeLock’s shareholders on January 26, 2017.
Digital safety is an estimated $10 billion market, and is projected to grow nearly 7 percent annually, as more than one-third of Americans and more than 650 million people globally were victims of cybercrime last year.
“The combination of Symantec, the leader in consumer security, and LifeLock, with more than 4.5 million members, paves the way for us to deliver comprehensive digital safety solutions for consumers who face an onslaught of new risks every day,” said Symantec CEO Greg Clark. “With the addition of LifeLock, consumers will now have a single place to get the protection services they need for their entire digital lives – from two trusted, industry-leading brands.”
“As more and more consumers are shopping online and sharing their personal lives on social networks, protecting their personal data is an important concern that continues to grow,” said Al Pascual, Senior Vice President, Research Director and Head of Fraud & Security, of Javelin Strategy & Research. “Last year, consumers spent over 100 million hours resolving identity fraud. If we are to stop this from getting worse, consumers are going to need reliable and effective partners to secure their digital lives against identity theft.”
For additional information regarding the acquisition of LifeLock, please visit Symantec.com/invest.