Symantec acquires Lifelock for $2.3 bn


New York, Nov 21 (IANS): Leading cyber security company Symantec Corporation has acquired LifeLock -- a leading provider of identity and fraud protection services -- for $2.3 billion in a deal that is expected to close in the first quarter of 2017.

The acquisition 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, the company said in a statement on Monday.

"Consumer cybercrime has reached crisis levels. LifeLock with the combination of Norton will deliver comprehensive cyber defence 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," Clark added.

A third of US citizens and over 650 million people globally during the last one year became the victims of cybercrime, raising the security concerns among the consumers about digital safety.

An estimated $10 billion market is growing in the high single digits, with a total addressable market of about 80 million people in the United States alone, Clark said.

"With the acquisition of LifeLock, Symantec adds a new dimension to its protection capabilities to address the expanding needs of the consumer marketplace," noted Dan Schulman, Symantec's Chairman of the Board.

 

  

Top Stories


Leave a Comment

Title: Symantec acquires Lifelock for $2.3 bn



You have 2000 characters left.

Disclaimer:

Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.