LifeLock
| Company type | Public (until 2017) |
|---|---|
| Industry | Software, Identity theft protection |
| Founded | 2005 |
| Founder | Robert J. Maynard, Todd Davis |
| Defunct | 2017 (acquired by Symantec) |
| Fate | Acquired by Symantec; brand integrated into NortonLifeLock/Gen Digital |
| Successor | Gen Digital |
| Headquarters | United States |
Area served | United States |
| Products | LifeLock identity theft protection software |
| Parent | Gen Digital (formerly NortonLifeLock) |
| Website | www |
NortonLifeLock is a United States-based software enterprise, initially operating from 2005 until 2017, primarily recognized for its LifeLock identity theft protection software. This product is currently marketed by Gen Digital after the company's acquisition in 2017. LifeLock's platform tracks identity theft incidents, misuse of personal data, and fluctuations in credit scores.
In 2017, the computer security company Symantec acquired LifeLock for $2.3 billion. Following Symantec's divestiture of its enterprise segment to Broadcom, it rebranded as NortonLifeLock in November 2019 and later adopted the name Gen Digital Inc. in 2022. That same year, LifeLock was incorporated into the Norton 360 subscription offering.
History
LifeLock was established in 2005 by co-founders Robert J. Maynard and Todd Davis. Maynard had previously launched ISP Internet America, while Davis brought experience from his tenure at Dell before founding an advertising agency.
Maynard stepped down in 2007 amid concerns related to identity theft claims. In a 2007 promotional campaign, Davis publicly revealed his Social Security number, yet experienced identity theft on thirteen occasions between 2007 and 2008. He stated that the campaign intended to underscore vulnerabilities associated with data breaches and the importance of proactive identity safeguards.
In December 2008, LifeLock collaborated with credit reporting agency TransUnion to enable automated alerts for potential unauthorized access to credit reports.
After settling with Experian in 2009 over allegations of misleading fraud alert practices, LifeLock introduced a new service that operated independently from traditional fraud alerts.
LifeLock expanded its operations by acquiring ID Analytics in March 2012, which became a wholly owned subsidiary. Following the announcement of its initial public offering (IPO) in August 2012, Hilary Schneider was appointed president.
In December 2013, LifeLock purchased the digital wallet company Lemon Wallet for $42.6 million.
The Federal Trade Commission (FTC) levied a $100 million fine against LifeLock in 2015—allocating $68 million for refunds to class members—due to deceptive advertising and failure to deliver promised services.
Hilary Schneider succeeded Todd Davis as CEO in January 2016.
The acquisition of LifeLock by Symantec for $2.3 billion was finalized on February 9, 2017. Subsequently, Norton’s subscription services integrated LifeLock’s features.
Funding
LifeLock commenced with an initial seed investment of $2 million, followed by a $5 million Series A round in 2006 led by Bessemer Ventures. In April 2007, it secured $6 million through Series B funding from Kleiner Perkins Caufield & Byers. The company raised $25 million during its Series C funding round led by Goldman Sachs in January 2008 and obtained $40 million in Series D funding by August 2009.
In March 2013, LifeLock amassed $100 million from investors such as Bessemer Ventures Partners, Goldman Sachs, Kleiner Perkins, Symantec Corporation, and River Street Management. These proceeds facilitated the acquisition of ID Analytics, specializing in predictive technology for identity theft risk.
On August 28, 2012, LifeLock filed for an IPO targeting up to $175 million and commenced trading on the New York Stock Exchange under the ticker LOCK on October 3, 2012. Following its $2.3 billion purchase by Symantec in 2017, LifeLock voluntarily deregistered its common shares. After Symantec’s rebranding in November 2019, the stock ticker was updated to NLOK.
Controversies
Robert J. Maynard, Jr., one of the company's founders, stepped down in June 2007 following an exposé by the Phoenix New Times that highlighted several concerns, including bankruptcy proceedings, an investigation by the Federal Trade Commission (FTC), and accusations related to identity theft.
In March 2010, the FTC imposed a $12 million penalty on LifeLock due to deceptive marketing practices. The firm had promoted a 100% protection guarantee against identity theft, while its co-founder used his social security number publicly as part of a marketing campaign.
By 2015, the FTC determined that LifeLock had violated the terms of the 2010 settlement by neglecting to uphold a robust information security program and continuing to misrepresent its data protection measures. This resulted in a $100 million fine, with $68 million designated for refunds to affected customers through class-action settlements.
2022 data breach
LifeLock suffered a credential stuffing attack in December 2022 that compromised more than 6,000 user accounts, revealing personal details such as names, addresses, and phone numbers. The incident involved the misuse of credentials obtained from unrelated prior breaches and was marked by numerous failed login attempts on December 16. Affected customers were informed of the breach in January 2023.