Symantec will acquire identity protection firm LifeLock in $2.3B deal

Aiming to boost its consumer security business, Symantec is acquiring LifeLock, a vendor of identity protection services, for US$2.3 billion in enterprise value.

The deal will create what the two companies described as the world’s largest consumer security business with over $2.3 billion in annual revenue based on last fiscal year revenue for both companies.

The immediate opportunity for Symantec comes from the large number of consumers worldwide that have been victims of cybercrime, generating as a result greater user concern in digital safety. The companies estimate the market at $10 billion, and growing in the high single digits. In the U.S. alone, the total addressable market is estimated to be about 80 million people.

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