The hope is the tech outfit can breathe new life into its Norton cybersecurity unit which has been suffering from the downturn in PC sales. Symantec’s security software often comes bundled with personal computers and while Norton remains profitable, its sales have been falling.
Symantec Chief Executive Greg Clark said that the acquisition will bring $660 million in revenue to the consumer business and returns it to longer sustainable growth.
Symantec recently bought Blue Coat Inc, which helps firms maintain security over the internet, in a $4.65 billion deal. Clark previously held the top job at Blue Coat, and made the switch after the deal closed.
LifeLock offers services such as monitoring new account openings and credit-related applications to alert consumers about unauthorised use of their identity. It also works with government agencies, merchants and creditors to remediate the impact of identity theft.
Fran Rosch, executive vice president of Norton Business Unit, said that Symantec had dabbled in identity security but had nowhere near Lifelock’s 4.4 million members.
Symantec expects to finance the transaction with cash on balance sheet and $750 million of new debt.