LifeLock buys out Lemon for $42.6 million

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Lemon is a digital wallet company that stores IDs, payments, loyalty cards, and other information on smartphones. The company has been acquired by identity theft protection company LifeLock for $42.6 million. LifeLock is going to launch a new application called “LifeLock Wallet,” which uses Lemon Wallet Plus technology. Lemon launched in 2011 and raised $8 million in Series A funding from Maveron, Lightspeed Venture Partners, CampVentures, Draper Fisher Jurvetson, Social+Capital Partnership, and several other angel investors.

“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,” stated LifeLock president Hilary Schneider. ”The acquisition allows us to accelerate our product roadmap, add additional functionality and data to our platform, expand our market opportunity, better serve our members, and develop a more meaningful relationship with a broad set of consumers.”

Lemon’s Palo Alto team will become LifeLock’s Bay Area office and the Buenos Aires team will still be based there. The current users of the Lemon Wallet app will be notified to upgrade to the LifeLock Wallet.

Founded in 2005, LifeLock has 700 employees and is based in Tempe, Arizona.

[Source: TechCrunch]

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