Lemon Wallet bought for $42.6 million by LifeLock

Digital mobile wallet Startup Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term, 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 Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term 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.

"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.