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New Life For Norton? Symantec Snares Lifelock For $2.3 billion

No 1 IT security company Symantec is in the process of acquiring US identity-theft protection services outfit LifeLock for US$2.3 billion. It is hoping the deal will prop up sales at its Norton cyber-security unit which develops the security software that often comes bundled with personal computers.

As consumers increasingly use mobile devices rather than traditional computers, sales of Norton have been falling, although the unit remains profitable.

Symantec said that the acquisition would bring some $660 million in revenue to its consumer business and hopefully return it to longer sustainable growth.

LifeLock offers services such as monitoring new account openings and alerts consumers about unauthorised use of their identity.

The Arizona-based company which has around 4.4 million users, has also been working with government agencies, merchants and creditors to remediate the impact of identity theft.