LifeLock Inc., an identity theft protection provider, has purchased Lemon Inc. and its mobile wallet to absorb Lemon's features into its new LifeLock Wallet app.
LifeLock purchased Lemon on Dec. 11 for approximately $42.6 million in cash, according to a filing with the Securities and Exchange Commission.
"The acquisition of Lemon dramatically expands our mobile capabilities, enabling us to launch a robust consumer wallet app in the marketplace on day one," says Todd Davis, LifeLock CEO, in a Dec. 12 press release. "The innovation and expertise from a mobile-first company like Lemon gives us powerful new ways to engage with current and future members."
The LifeLock app will offer users the same capabilities already in Lemon Wallet Plus, such as allowing users to scan and store payment cards, account monitoring through BillGuard and access to merchants in the Lemon Network. While Lemon charged consumers for Lemon Wallet Plus$4.99 per month or $39.99 annually LifeLock plans to offer the integrated wallet for free.
LifeLock app users will also have access to identity protection services, as well as a digital copy of payment cards, ID cards and insurance documents. LifeLock's app will also provide a card cancellation service, balance updates and transaction tracking.
"At Lemon, we've built our business around digitizing everything in your physical wallet and making it available anywhere and anytime on your smartphone," says Wences Casares, founder and CEO of Lemon, in the release.
"Joining forces with LifeLock makes tremendous strategic sense and provides something completely new in the market: a digital wallet combined with a way to help protect it."
In addition to the free features, consumer with a paid subscription to LifeLock will be able to view fraud alerts on their mobile device and respond to these fraudulent activities with the company's Not Me technology, as well as several other identity theft features.
Lemon Wallet has been downloaded more than 3.6 million times. The LifeLock app is available in iTunes and the Google Play Store.