Rumor: Symantec Bidding to Buy LifeLock?

Symantec Corp. (NASDAQ: SYMC) and Permira (an investment firm) each may bid to acquire LifeLock, the identity protection firm, according to Bloomberg. LifeLock's potential valuation is $2 billion, the report stated.

This is a tricky time for Symantec. The security company acquired Blue Coat in a bid to jumpstart growth back in June 2016. Under terms of that deal, many of Blue Coat's leaders -- including CEO Greg Clark -- accepted executive positions at Symantec. Clark now leads the combined company.

Symantec had spent recent years unraveling the failed Veritas Software storage acquisition from around 2004. Once they were separated, both Symantec and Veritas had layoffs around May 2016. And more recently, Symantec shook up its channel leadership team -- only days after the company's annual partner conference.

Symantec Identity Protection?

LifeLock could help to move Symantec beyond its core anti-virus heritage and more recent Blue Coat network and cloud security expertise. LifeLock provides a range of identity protection services for consumers and small businesses. First-round bids for the company are due this week, Bloomberg said.

ChannelE2E has reached out to Symantec, Permira and LifeLock for comment but had not heard back as of press time.