Identity-theft firm LifeLock is upping its mobile presence with the acquisition of mobile-wallet start-up Lemon for an initial consideration of $42.6 million.
In conjunction with the all-cash deal - plus an unspecified equity earn-out - LifeLock is replacing the Lemon Wallet Plus app with a new version dubbed LifeLock Wallet. App functionality will remain the same as before but now includes free access to Lemon's premium services - account monitoring, balance updates, lost-wallet service and enhanced alerts.
The deal benefits Lemon as it looks to build upon its identity and fraud-protection offerings – which were previously only available within its premium tier.
LifeLock president Hilary Schneider says: "We saw an opportunity to combine an 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."
Lemon Wallet, which has been downloaded more than 3.6 million times, allows users to store a digital copy of their physical wallet on their devices - including credit cards, loyalty cards, insurance and identification details.