Symantec has added more muscle to its consumer security business unit with the acquisition of secure virtual private network (VPN) maker SurfEasy in a US$38.5 million deal.
SurfEasy's parent Opera Software said it was an all-cash deal with 85 percent paid at closing and the remaining 15 percent held in escrow for up to 15 months.
SurfEasy, which will become part of Symantec's consumer business unit, was already an OEM provider to Symantec powering the Norton Wi-Fi VPN product.
The deal comes just one week after Symantec raised the outlook on the consumer business with projections for mid-single-digit growth rates. That's a dramatic turnaround from a year ago when Symantec's consumer business was experiencing high single digit or even double-digit sales declines.
The current Symantec Norton Wi-Fi VPN product, which is powered by SurfEasy, has seen "strong momentum" in the wake of the KRACK vulnerability in the wi-fi protocol that came to light last month, said Symantec CEO Greg Clark on the company's earnings call last week. He said the spike in the VPN product was "very, very substantial" with the offering adding as much as US$30 to US$50 a year subscription growth rates to the standard Norton security product.