Digital mobile wallet startup, Lemon Wallet was acquired by identity theft protection firm, LifeLock for $42.6 million.
LifeLock announced the purchase today, Thursday, December 12th 2013. The new acquisition will help LifeLock in situating themselves in the growing mobile payment industry.
Lemon Wallet is a virtual wallet, and it allows its users to store digital copies of credit and debit cards, loyalty cards, insurance information and identification. Lemon wallet has been downloaded 3.2 million times.
LifeLock immediately introduced their new ewallet, and it came in the form of an upgraded and rebranded version Lemon’s product with the addition of LifeLock’s identity theft protection software. The application has already been updated from Lemon to LifeLock in the Google Play Store and Apple’s AppStore. All Lemon Wallet users are now LifLock Wallet users.
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“The acquisition of Lemon dramatically expands our mobile capabilities, enabling us to launch a robust consumer wallet app in the marketplace on day one,” added LifeLock CEO Todd Davis.
Acquisitions and mergers were one of PayPal President David Marcus’s predictions for 2014. It seems LifeLock has gotten a head-start on the competition.