Symantec has expanded its portfolio by acquiring identity protection firm LifeLock with a $2.3 billion dip into its pockets. Since Symantec divested itself of Veritas at a loss to the Carlyle Group in 2015, it has been looking to move into new markets. It acquired Blue Coat in August for $4.65 billion, a move that was seen to enhance its enterprise offerings.
The reason for the LifeLock acquisition is to bolster its consumer arm, Norton. Although currently profitable, Norton has been struggling with growth due to declining consumer PC sales. Traditionally, Norton has been bundled with new consumer OEM (original equipment manufacture) PCs in the hope that after the “free” year, the owner will just pay the subscription to keep the protection; this model been doubly hit due to declining PC sales and the rise of free antivirus protection from the likes of Free AVG.