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AZ Tech Beat | July 23, 2019

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LifeLock acquires mobile innovator Lemon for $42.6M cash

LifeLock acquires mobile innovator Lemon for $42.6M cash
Tishin Donkersley

LifeLock, the leading software provider of identity theft protection services, today announced the acquisition of mobile wallet innovator Lemon for approximately $42.6 million in cash.

As part of the acquisition, LifeLock also launched a new app that utilizes Lemon technology to help consumers manage and protect their digital identity. This transaction is a huge step in increasing LifeLock’s comprehensive mobile platform.

The Lemon Wallet app allows users to easily store a digital copy of their personal wallet contents in one location on their smart device for backup as well as mobile use of items including credit cards, identification, coupons, insurance, and loyalty cards. This will be ideal for holiday shoppers if they leave wallet on the go.

lifelocklemon1LifeLock CEO Todd Davis talked to AZTB about the acquisition.

Congrats Todd! What was the mindset behind this acquisition?

We’re thrilled about the Lemon acquisition and the app we launched in the market today. We’re giving consumers something unique in the marketplace – a convenient way to manage their identity online and a way to protect it. The acquisition helps us expand deeper into the mobile space, enhance our capabilities to protect our LifeLock members, and gives us the opportunity to reach millions more consumers and new demographics.

Are there any other advancements or developments on the horizon to help people secure their identity through their mobile devices?

Today, we’re focused on launching this new app for consumers – combining a digital wallet with a way to protect it. Given that the CEO of Lemon, Wences Casares is a proven innovator in this space, we’re excited to put his talents to work as head of our mobile division.

What programs are in the works to help the younger generation build awareness about mobile identity theft?

In addition to our programs partnering with law enforcement, we’re working to develop programs for families about ways they can protect their identity online and teach kids about good digital citizenship. Stay tuned for more in this area.

Will the Lemon team be coming to Arizona?

The Lemon Palo Alto team will join our Bay Area office and the Buenos Aires team will remain there. They will be well-integrated with our Arizona teams.

How does this acquisition impact the Arizona tech ecosystem?

As an Arizona-based company, we are proud to play a leadership role with an app that is like nothing else out there today. The innovation and expertise from a mobile-first company like Lemon gives us powerful new ways to engage with current and future members.

 

More about the LifeLock Wallet:

The new LifeLock Wallet app is available for both iOS and Android devices and offers the same capabilities as Lemon Wallet Plus, at no charge, plus one-touch access to LifeLock’s paid identity protection services. Some of the 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

With a paid subscription, members can also receive fraud alerts on their smart device, With the addition of a paid LifeLock subscription, members can also view identity fraud alerts on their smart device; utilize LifeLock’s proprietary Not Me® technology to respond in the event of fraudulent activity; receive LifeLock’s Total Service Guarantee providing up to $1 million in professional recovery assistance in the event of identity theft; access LifeLock’s member services team 24/7/365; and, with LifeLock Ultimate™ membership, access their monthly credit score.

Read more AZTB coverage here.

Learn more about the LifeLock Wallet here.