The symantec corp., which we’re familiar with, will no longer be called Symantec. After being acquired by Broadcom Inc. in August, the security firm today announced a rebranding, renamed Norton LifeLock Inc., which changed its name on the Nasdaq exchange from SYMC to NLOK.
Symantec will continue to exist because of Broadcom’s naming rights to the company’s previous corporate security products. Norton LifeLock rose 1.85 per cent to $24.19 on the first day of trading, with analysts such as Fatima Bolani of UBS rating the stock as “buy” with a target price of $27 a share.
Vincent Pilette, chief financial officer of Norton LifeLock, said in a statement: “Today’s launch of Norton LifeLock is a critical step in our transition to an independent, consumer-only cybersecurity business. “Over the next 12 months, we will realign the company’s cost structure to drive revenue growth, cash flow generation and profitability.” “
In addition, Broadcom has acquired the Symantec brand, which will be the corporate division of Broadcom Symantec, with Art Gilliland, General Manager of Symantec Security, as Senior Vice President of Broadcom and General Manager of Symantec Enterprises.
After Symantec sells the brand, the rest of the company will be renamed Norton LifeLock Inc. effective immediately.
Senior netizens may also remember Norton anti-virus software. Symantec in 1990 Norton company, and lifelock is actually the anti-theft software company acquired by Symantec. Now Symantec has combined these two brands and will focus on the consumer level security software business in the future.