The antivirus company formerly known as Symantec has officially renamed itself NortonLifeLock.
On Monday, the company completed its sale of the Symantec brand and enterprise cybersecurity business to Broadcom as part of a $10.7 billion deal announced in August.
The company is now focusing on security products for consumers and small businesses with the help of the LifeLock brand, which it acquired in 2016.
Although Symantec has been selling antivirus protection through its Norton security software for decades, the market for the product has been drying up. Demand for PCs has largely been stagnant in recent years, and free antivirus software, including Windows Defender, has emerged as a viable alternative to paid security products, according to the research firm Forrester.
The LifeLock brand, on the other hand, has been trying to capitalize on the growing threat of hackers abusing the personal information leaked from data breaches. The paid LifeLock products can also protect your devices from malware, but they've been largely advertised as identity protection services to monitor your credit rating and prevent fraudsters from hijacking your Social Security number. Other perks include access to the company's VPN and reimbursements in the event hackers breach your banks accounts and steal your funds.
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The revenue has been strong enough that Symantec decided to become a "pure-play consumer CyberSafety business," as the company's CFO Vincent Pilette put it in Monday's announcement. Currently, LifeLock products start at $9.99 a month, which can be upgraded to $19.99 or $25.99 a month. (There are, of course, free credit monitoring services available, like Credit Karma.)
The Symantec brand, meanwhile, will live on as a enterprise cybersecurity division under Broadcom, a supplier of semiconductors, storage, and networking gear. Broadcom plans on using the acquisition to help it develop "mission critical infrastructure software" to corporations.