One of the world’s largest cybersecurity companies, Symantec Corp. announced it would acquire U.S. based company, LifeLock for a whooping $2.3 billion.
With this deal, Symantec Corp., who has suffered in sales part, hopes to prop up sales at its Norton cybersecurity unit.
Lifelock is said to be among the leader in theft protection and with the deal Symantec is all set to mark its presence in this segment.
Symantec’s security software often comes bundled with personal computers. As a result, the company has suffered as consumers use mobile devices more than traditional computers. While Norton remains profitable, its sales have been falling.
Symantec’s aquisition of LifeLock is in line with its efforts to diversify its product and service offerings. The passed August, Symantec aquired Blue Coat Inc, leader in web proxy segment, in a $4.65 billion deal.
Based in Arizona, LifeLock offers services such as monitoring new account openings and credit-related applications in order to alert consumers about unauthorized use of their identity. It also works with government agencies, merchants and creditors to remediate the impact of identity theft.
Symantec Chief Executive Officer Greg Clark said in the statement “With the combination of Norton and LifeLock, we will be able to deliver comprehensive cyber defense for consumers”.
He also added “This acquisition marks the transformation of the consumer security industry from malware protection to the broader category of digital safety for consumers.”
The parent company to Norton Security said the acquisition to be completed early next year.