Norton LifeLock reportedly rebrands as Gen following the acquisition of Avast. That said, it now means a new company is rising from the ashes after the finalization of the security mega-deal.
Norton LifeLock Reportedly Rebrands As Gen
Following the completion of its merger with Avast, NortonLifeLock has now announced that it has rebranded as Gen Digital.
The company just let the cat out of the bag in regards to the acquisition of its fellow antivirus giant back in august 2021 in a multi-billion dollar merger that is believed to be worth between $8.1 and $8.6 billion.
The newly formed company which is now set to have two headquarters, one in Tempe, Arizona, and the other in Prague, Czech Republic is expected to have over 500 million customers, thus uniting popular brands such as Norton, LifeLock, Avast, Avira, AVG, CCleaner and ReputationDefender all under one roof.
A Very Comprehensive Portfolio
Gen Digital as of today will trade on the NASDAQ Stock Exchange, under the “GEN” symbol, although its shareholders do not need to do anything in question. This very move and development should deliver over $280 million in yearly cost savings within the space of three years.
Avast was founded in Prague in 1998 just before going public in 2018 on the London stock exchange where it was valued at approximately $3 billion and in the process making it one of the most extensive technology listings in the UK at the time.
The chief executive officer of NortonLifeLock, Vincent Pilette, is still keeping his position at the newly-merged company, with the CEO of Avast Ondrej Vlcek joining the band as president and also a board member.
Chief Executive Officer of Nortonlifelock’s Reaction to the News
“Today, five billion people around the world are online; digital life is life,” Pilette is quoted as saying. “We’re all a part of a new generation, regardless of age. It’s not Gen X, Y, or Z, it’s Generation Digital. Gen’s family of trusted brands has a heritage of protecting the first digital generations and is united by a shared purpose to power Digital Freedom for the next generation of our digital lives.”
Cybersecurity in the Enterprise Has Become a Growing Challenge
Cybersecurity in the enterprise is something that has become a growing challenge in recent times, and even more so ever since the onslaught of the covid-19 pandemic. Businesses all over the world are increasing their budgets as they all try their best possible in protecting against numerous risks and attacks such as credential phishing, identity and data theft, business email compromise, ransomware attacks, and distributed denial of service attacks.
And while Norton is focusing more on identity protection, Avast on the other hand is more oriented toward antivirus solutions. And now, the two companies are hoping to provide “a more comprehensive portfolio” to their clients.
What Vleck Has To Say About This Rebranding
“Our day-to-day life is almost entirely connected; we bank, shop, learn, work and connect online,” Vlcek said. “While the advancement of technology has brought conveniences and connections we couldn’t have imagined, it also brings added complexities and new types of threats. At Gen, we’re committed to bringing our passion, expertise, and global presence together to innovatively tackle these challenges and ultimately power Digital Freedom for everyone.”