LifeLock, Inc. (NYSE: LOCK), the leading provider of identity theft protection services, today announced the acquisition of mobile wallet innovator Lemon for approximately $42.6 million in cash. In addition, in connection with the transaction, LifeLock has agreed to issue equity customary for a transaction of this size that will vest over the next three years.
In conjunction with the acquisition, LifeLock also launched a new app that utilizes Lemon technology to help consumers manage and protect their digital identity. This transaction marks the next step in LifeLock’s evolution by adding a comprehensive mobile platform to the company’s integrated identity protection services for consumers.
Downloaded more than 3.6 million times, the Lemon Wallet app allows consumers to easily replicate and store a complete digital copy of their personal wallet contents in one location on their smart device for records backup as well as mobile use of items including credit cards, identification, ATM, insurance, and loyalty cards.
LifeLock CEO Todd Davis said, “The acquisition of Lemon dramatically expands our mobile capabilities, enabling us to launch a robust consumer wallet app in the marketplace on day one. The innovation and expertise from a mobile-first company like Lemon gives us powerful new ways to engage with current and future members.”The new LifeLock Wallet, available for both iOS and Android devices, offers the same capabilities as Lemon Wallet Plus, at no charge, plus one-touch access to LifeLock’s paid identity protection services. Free features include:
- A digital copy of credit cards, identification, ATM, insurance, loyalty cards and more so they can be accessed from anywhere
- A credit card cancellation service in case of wallet loss or theft
- Credit card balance updates, spending by category and credit card purchase tracking at a transaction level – all in one place to help monitor for fraud