Symantec Completes LifeLock Acquisition, Creating World’s Most Comprehensive Digital Safety Platform
February 09 2017 - 8:43AM
Business Wire
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 the most comprehensive consumer digital safety
platform 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.
About Symantec
Symantec Corporation (NASDAQ: SYMC), the world’s leading cyber
security company, helps organizations, governments and people
secure their most important data wherever it lives. Organizations
across the world look to Symantec for strategic, integrated
solutions to defend against sophisticated attacks across endpoints,
cloud and infrastructure. Likewise, a global community of more than
50 million people and families rely on Symantec’s Norton suite of
products for protection at home and across all of their devices.
Symantec operates one of the world’s largest civilian cyber
intelligence networks, allowing it to see and protect against the
most advanced threats. For additional information, please visit
www.symantec.com or connect with us on Facebook, Twitter, and
LinkedIn.
Forward-Looking Statements: This press release contains
statements which may be considered forward-looking within the
meaning of the U.S. federal securities laws, including the
statements regarding the expected benefits to Symantec, its
customers, stockholders and investors from completing the
acquisition of LifeLock, Inc., including without limitation the
market opportunity for digital safety, Symantec’s potential to
address this market by offering combined solutions and the value
proposition to customers of combined solutions. These statements
are subject to known and unknown risks, uncertainties and other
factors that may cause our actual results, levels of activity,
performance or achievements to differ materially from results
expressed or implied in this press release. Such risk factors
include those related to: the potential impact on the businesses of
LifeLock and Symantec due to uncertainties in connection with the
acquisition; the retention of employees of acquired companies and
the ability of Symantec to successfully integrate acquired
companies and to achieve expected benefits; general economic
conditions; the ability of Symantec to successfully execute
strategic plans; the ability to maintain customer and partner
relationships; anticipated growth of certain market segments; our
sales pipeline and business strategy; fluctuations in tax rates and
currency exchange rates; the timing and market acceptance of new
product releases and upgrades; and the successful development of
new products and integration of acquired businesses, and the degree
to which these products and businesses gain market acceptance.
Actual results may differ materially from those contained in the
forward-looking statements in this press release. Symantec assumes
no obligation, and does not intend, to update these forward-looking
statements as a result of future events or developments. Additional
information concerning these and other risk factors is contained in
the Risk Factors sections of Symantec’s Form 10-K for the fiscal
year ended April 1, 2016 and the Quarterly Report on Form 10-Q for
the fiscal quarter ended December 30, 2016.
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version on businesswire.com: http://www.businesswire.com/news/home/20170209005720/en/
Symantec Corp.MEDIA CONTACT:Deirdre Sena,
310-739-7851Deirdre_Sena@Symantec.comorINVESTOR
CONTACT:Jonathan Doros,
650-527-5523Jonathan_Doros@symantec.com
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