Security software maker Symantec Corp. has acquired identity theft protection firm LifeLock Inc. for $2.3 billion.

The deal equates to $24 a share for LifeLock stock, 16 percent above its closing price on Friday. Founded in 2005, LifeLock offers identity theft monitoring services that helps customers detect suspicious uses of their identity information to get loans, credit and services in their name at a starting price of $9.99 a month for a standard membership.

The LifeLock Identity Alert system sends users a potential fraud alert by text, phone or email. Should a user confirm that the suspicious transaction is fraudulent, the LifeLock team assists them with identity theft restoration. In addition to providing services to individuals, the company also works with merchants, creditors and government agencies to fix the impact of identity theft if and when it occurs.

LifeLock claims to have had 4.4 million members at the end of the third quarter, up 8 percent from a year ago. It had to pay $100 million in December 2015 to settle Federal Trade Commission charges related to deceptive advertising.

Symantec plans to integrate LifeLock into its Norton antivirus businesses once the acquisition is complete.

“With the combination of Norton and LifeLock, we will be able to deliver comprehensive cyber defense for consumers,” Symantec Chief Executive Greg Clark said in a statement. “This acquisition marks the transformation of the consumer security industry from malware protection to the broader category of Digital Safety for consumers.”

The acquisition of LifeLock is part of a shift in focus for Symantec that included the sale of its Veritas data protection business in December 2015. It also acquired enterprise security firm Blue Coat Systems Inc. for $4.65 billion in June. As Reuters notes, the Mountain View, Calif.-based company has been “moving away from what it sees as more commoditized services.”

LifeLock, which has been shopping itself through Goldman Sachs & Co. for the last few months, has been in talks with a number of potential buyers. It went public in 2013 after raising $178 million prior to its offering. Symantec invested in the company in 2009.

Symantec said it will pay for the deal with cash and $750 million of new debt. The company expects the deal to be additive to earnings in fiscal 2019.

Image credit: LifeLock