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  • 11.21.16

Symantec is buying LifeLock for $2.3 billion

The software security company known for its Norton cybersecurity software is looking to diversify its revenue streams with the LifeLock acquisition, reports Reuters. Symantec’s Norton cybersecurity software is pre-installed on millions of PCs, but revenue has been dropping as more people opt for mobile devices. LifeLock monitors a user’s credit-related accounts and alerts them if someone tries to open, for example, a new credit card in their name. Lifelock currently has 4.4 million paying subscribers. “[Norton] had been declining with the declines in PC market share. This acquisition brings $660 million in revenue to the consumer business and returns it to longer sustainable growth,” Symantec chief executive Greg Clark told Reuters.MG