Investment Thesis
Gen Digital (formerly NortonLifeLock) provides consumer cybersecurity and identity protection software under Norton, Avast, and LifeLock brands. Bundled security suites, freemium conversion, and cost synergies drive EBITDA growth.
- Scaled User Base: 500M+ freemium users feed conversion funnel.
- Cross-Sell: Identity theft, privacy VPN, and utilities expand ARPU.
- Synergy Capture: Integration of Avast yields substantial cost savings.