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November 21, 2016 10:00 pm

Symantec To Acquire LifeLock for $2.3B

Symantec is acquiring identity-theft protection firm LifeLock for $2.3 billion, the companies announced today. It's the company's latest move to branch out from malware protection into cybersecurity, following its purchase of Blue Coat, a company that safeguards web transactions. "With the combination of Norton and LifeLock, we will be able to deliver comprehensive cyber defense for consumers," Symantec said. From a report on USA Today:Symantec will finance the deal with a combination of cash and $750 million of new debt, the company said in a statement. The deal will close during the first calendar quarter of 2017. The combination of LifeLock and Norton, Symantec's suite of antivirus and anti-spyware tools, will help the company deliver "comprehensive" protection for consumers, said Symantec CEO Greg Clark. "This acquisition marks the transformation of the consumer security industry from malware protection to the broader category of digital safety for consumers," said Clark. Symantec sees a growing market for digital safety, estimated at $10 billion and 80 million consumers. "People's identity and data are prime targets of cybercrime," said Symantec board chairman Dan Schulman. "The security industry must step up and defend through innovation and vigilance."

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