Symantec and LifeLock are joining forces to create the world's largest consumer digital safety platform in a $2.3 billion acquisition.
Symantec's Norton security suite often comes packaged with new PC purchases, but sales have still been declining. For a product that's often the default method of computer security, this isn't good.
According to a press release from Symantec, "In the last year, one third of American citizens and over 650 million people globally were the victims of cybercrime."
When so many people are being affected by cybercrime, combining forces and working together is our best bet.
“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. With the combination of Norton and LifeLock, we will be able to deliver comprehensive cyber defense 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.”
While a one-stop shop for security products doesn't make sense from a business perspective (with diverse security bases to cover), it has a much better chance at success for consumers.
Symantec and LifeLock together will allow individuals to protect their identities and their computers with a single product.
This acquisition hopes to bring $660 million in revenue to further encompass evolving cyber threats.
