Arizona fraud-fighter company LifeLock sells for $2.3 billion
PHOENIX — Tempe-based LifeLock, an identity-theft protection company, will be sold to computer security software giant Symantec for $2.3 billion, it was announced.
The companies said in a joint statement Monday that the deal would likely close in the first calendar quarter or 2017.
Reuters reported the impending deal Sunday.
“After a thorough review of a broad range of alternatives, our board of directors unanimously concluded that Symantec is the ideal strategic partner for LifeLock and offers our shareholders a significant premium for their investment, at closing,” LifeLock CEO Hilary Schneider said in a release.
The Tempe company was founded in 2005 and went public in 2012. The company now has 4.4 million members and has three offices in California — in San Diego, San Francisco and Mountain View (also where Symantec has its headquarters).
Endgadget reported that LifeLock has paid $112 million in fines to the Federal Trade Commission for false advertising.
The ID protection group, which monitors for credit applications and account openings opened in its customers’ names, pulled in $476 million in 2014.
The Tempe firm’s stockholders and regulatory approval are required before the the deal is final.
The Wall Street Journal reported that, “Symantec hopes to integrate LifeLock with its Norton antivirus businesses into a single product line.”
Antivirus company Symantec has been busy this year; it also bought security and networking company Blue Coat.