NortonLifeLock announced that it agreed to sell ID Analytics (IDA), a provider of credit and fraud risk solutions for enterprises, to LexisNexis Risk Solutions, part of RELX, for $375 million.
Based in San Diego and founded in 2002, ID Analytics technology delivers risk insights to enterprises through the combination of proprietary data, patented analytics, and near real-time cross-industry consumer identity behavior.
ID Analytics provides credit and fraud risk solutions for enterprises with patented analytics and has proven expertise and near real-time insight into consumer behavior. More than 450 companies in the U.S. rely on ID Analytics to make risk-based decisions to improve customer experiences, enhance revenue, reduce fraud and drive cost savings.
“The sale of ID Analytics is another step in the transformation of NortonLifeLock into a pure-play consumer cyber safety leader,” says Vincent Pilette, CEO, NortonLifeLock. “We can now be completely focused on our singular mission to protect all areas of consumers’ online lives.”
ID Analytics will become part of the LexisNexis Risk Solutions Business Services group, which uses vast data resources, technology, linking and analytics to deliver actionable insights that enable businesses to better analyze and assess risk, resulting in better outcomes.
“Combined with our strengths of verifying and authenticating physical and digital identities, our customers will benefit from an even more comprehensive approach to detecting and preventing fraud and managing risk,” Rick Trainor, CEO of LexisNexis Risk Solutions, Business Services, said.
NortonLifeLock reported that its revenues were down 1.1 percent year over year in second-quarter fiscal 2020 to $608 million.
Direct customer revenue, which represents 88.2 percent of revenues, decreased 1.3 percent to $536 million. Partner revenues rose 1.7 percent to $59 million.
Revenues from ID Analytics, which represents 2.1 percent of revenues, fell 7.1 percent to $13 million.
Direct average revenue per user (ARPU) increased 1.8 percent to $8.88.
Direct customer count was 20.1 million, lower than 20.7 million in the year-ago quarter and flat sequentially.
The company on Nov 4 changed its corporate name from Symantec to NortonLifeLock, post the completion of the sale of its Enterprise Security business assets to Broadcom AVGO.