Identity theft protection company LifeLock has raised $100 million in new equity funding from existing investors Bessemer Venture Partners, Goldman, Sachs & Co., Kleiner Perkins Caufield & Byers, Symantec Corporation and River Street Management. Additional investors included Industry Ventures, Institutional Venture Partners, Keating Capital, Inc. and Wasatch Advisors’ venture capital arm CrossCreek Capital. This brings LifeLock’s total funding to $178 million.
LifeLock says that the new funding has been used towards the acquisition of ID Analytics, which develops a technology that predicts the likelihood of identity risk associated with an application for credit. Not only does the company evaluate for risk, but similar to LifeLock, also provides consumer protection services against identity theft. The company partners with financial organizations and telecommunications companies.
The company says that LifeLock and ID Analytics generated combined revenue in excess of $200 million in 2011. ID Analytics will continue to operate independently as a wholly owned subsidiary of LifeLock.
Todd Davis, LifeLock Chairman and CEO said in a statement: “This acquisition will further strengthen our core consumer identity theft protection business and gives us a unique opportunity to deliver the next generation of identity risk management solutions…This acquisition materially strengthens LifeLock’s market positioning…By combining ID Analytics’ enterprise solutions and proprietary data capabilities with LifeLock’s brand leadership and consumer expertise, we see a company poised for significant long-term growth.”
You may remember Davis from LifeLock’s ad campaign, which displayed his Social Security number on the company’s website and billboards, as a way to promote LifeLock’s service. His identity was then stolen 13 times and the company was slapped with a $12 million fine for deceptive advertising.