LifeLock Strengthens Market Position through Acquisition of ID Analytics
March 14th, 2012
March 14th, 2012
Tempe, Ariz. — LifeLock, Inc. (www.lifelock.com) and ID Analytics, Inc. announced today the completion of a strategic acquisition that brings together a leader in consumer identity theft protection services with a leader in enterprise identity risk management. Together, LifeLock and ID Analytics will be able to help both consumers and enterprises manage their identity risk.
“Today marks a significant milestone in the history of LifeLock as we announce our acquisition of ID Analytics,” said Todd Davis, LifeLock Chairman and CEO. “This acquisition will further strengthen our core consumer identity theft protection business and gives us a unique opportunity to deliver the next generation of identity risk management solutions. We are more confident than ever that with the addition of ID Analytics to our portfolio we have reinforced our position as the premier identity theft protection solution available to consumers.”
To complete the acquisition, LifeLock raised over $100 million in new preferred equity. All of LifeLock’s current significant insiders participated in the new round, including Bessemer Venture Partners, Goldman, Sachs & Co., Kleiner Perkins Caufield & Byers, Symantec Corporation and River Street Management. Other investors included Industry Ventures, Institutional Venture Partners, Keating Capital, Inc. and Wasatch Advisors’ venture capital arm CrossCreek Capital. LifeLock and ID Analytics generated combined revenue in excess of $200 million in 2011.
“This acquisition materially strengthens LifeLock’s market positioning,” said Davis. “By combining ID Analytics’ enterprise solutions and proprietary data capabilities with LifeLock’s brand leadership and consumer expertise, we see a company poised for significant long-term growth.”
ID Analytics will continue to operate independently as a wholly owned subsidiary of LifeLock and will continue to operate under the leadership of its current CEO, Bruce Hansen, who will report to Todd Davis.
“The capabilities and solutions we have developed and marketed since 2002 have made ID Analytics an attractive partner to many of the largest financial services and telecommunications companies. As we merge with LifeLock, we will remain single-mindedly focused on delivering solutions that help organizations manage risk and protect consumers from identity fraud,” said Bruce Hansen, CEO of ID Analytics.
LifeLock, Inc. (NYSE: LOCK), is a leading provider of proactive identity theft protection services for consumers and identity risk assessment and fraud protection services for enterprises. Since 2005, LifeLock has been relentlessly protecting identities by providing consumers with the tools and confidence they need to help protect themselves from identity theft and manage their credit. In October 2012, Javelin Strategy & Research named LifeLock Ultimate™ a “Best in Class Overall” identity theft protection solution and also named it “Best in Detection”. In March 2012, LifeLock further demonstrated its commitment to combating identity fraud with the purchase of ID Analytics, Inc., a leader in enterprise identity risk management that provides visibility into identity risk and credit worthiness. ID Analytics, Inc. currently operates as a wholly owned subsidiary of LifeLock, Inc.
ID Analytics, Inc. is transforming consumer risk management with patented analytics, proven expertise, and real-time insight into consumer behavior. By combining proprietary data from the ID Network® — one of the nation’s largest networks of cross-industry behavioral data — with advanced science, ID Analytics provides unprecedented visibility into identity risk and creditworthiness. Every day, the largest U.S. companies and critical government agencies rely on ID Analytics to make risk-based decisions that enhance revenue, reduce fraud, drive cost savings and protect consumers.
This release contains forward-looking statements that relate to future events or performance, including, but not limited to, statements regarding market traction, long-term growth, and management structure. These statements reflect LifeLock’s and ID Analytics’ current expectations, and neither LifeLock nor ID Analytics undertakes to update or revise these forward-looking statements, even if experience or future changes make it clear that any projected results expressed or implied in this or other statements will not be realized. Furthermore, readers are cautioned that these statements involve risks and uncertainties, many of which are beyond LifeLock’s and ID Analytics’ control, which could cause actual results to differ materially from the forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to the integration of ID Analytics into LifeLock, competition in the identity theft protection market, and the impact of the current economic environment.