Identity theft experts LifeLock has acquired digital wallet service provider Lemon for a reported $42.6 million. The new deal will culminate in the release of Lifelock's LifeLock Wallet, a new digital wallet app that was developed using Lemon's Wallet Plus.
The deal will allow LifeLock to increase their operations in mobile and app development in the future. This is a large step forward for the company considering the fact that before the launch of the LifeLock Wallet, LifeLock only had a single iOS app in the iTunes App store. While Lemon is a relatively young company, their popular wallet app will be a helpful addition to LifeLock's tech portfolio.
"We saw an opportunity to combine in innovative mobile platform -a digital wallet - with access to leading identity theft protection features. The innovation and expertise from a mobile-first company like Lemon gives us powerful new ways to engage with current and future members," Hilary Schneider, president of LifeLock, said.
"The acquisition allows us to accelerate our product roadmap, add additional functionality and data to our platform, expand our market opportunity, better serve our members, and develop a more meaningful relationship with a broad set of consumers." Schneider added.
Lemon's Wallet technology is a shoe-in for LifeLock's identity theft protection capabilities. Considering that people store cash in their digital wallets, identity theft can easily become a problem. With LifeLock's expertise in identity theft protection, however, users can rest easy with the LifeLock Wallet since the company offers a host of identity theft prevention services that will be available in the new app.
For the uninitiated, Lemon Wallet Plus is Lemon's premium paid version of its Digital Wallet. The innovative app offers a number of useful features such as real time balance updates, account monitoring, and card expiration alerts among others. The good news is that these features will also be available on the LifeLock Wallet. In addition to these features, new additions such as identity fraud alerts, 24/7 LifeLock support and access to LifeLock's protection services will be added. In addition, users will also get to enjoy Lifelock's Total Service Guarantee. The guarantee will be a big help in helping customers recover funds lost due to identity theft.
LifeLock Wallet is available on the App Store and Google Play store.
