The parent company of Norton 360 antivirus software has submitted an acquisition offer to website domain service provider GoDaddy, aiming to expand its business beyond cybersecurity and privacy technologies.

According to people familiar with the matter, negotiations between Gen Digital and GoDaddy are still at an early stage, and there is no guarantee that the preliminary acquisition approach will ultimately result in a deal.

The sources said Gen Digital made its first acquisition offer in recent weeks.

Gen Digital was formed through the 2022 merger of NortonLifeLock and Czech cybersecurity company Avast.

Since then, the company has gradually become a consolidator of consumer-facing cybersecurity brands, owning several well-known products including PC cleanup software CCleaner, online privacy tool ReputationDefender, and identity theft protection service LifeLock.

For Gen Digital, which currently has a market capitalization of approximately $15.7 billion, a successful acquisition of GoDaddy would be a transformative deal.

Currently, a group of traditional software companies are racing to expand their business scale to strengthen their ability to withstand the impact of artificial intelligence on existing business models.

The specific terms of Gen Digital's offer cannot yet be determined.

GoDaddy currently has a market capitalization of approximately $12.2 billion.

If the two parties complete a merger, it would bring together multiple well-known brands that have endured since the first wave of the internet.

The deal would also give Gen Digital access to GoDaddy's more than 20 million small business and individual customers, who primarily use GoDaddy to register and manage internet domains.

GoDaddy currently manages approximately 81 million internet domains, accounting for roughly one-fifth of all registered domains worldwide.

Both Gen Digital and GoDaddy declined to comment.

The negotiations come as investor interest in legacy internet brands is rekindling.

Earlier this summer, Italian software consolidator Bending Spoons completed a massive listing, with an initial IPO valuation of $25.7 billion.

Bending Spoons currently owns brands including AOL and Vimeo.

Gen Digital has previously shown its intention to expand beyond its core cybersecurity business.

Last year, the company acquired fintech lending platform MoneyLion at a transaction valuation of approximately $1 billion.

GoDaddy first rose to prominence during the dot-com boom.

In 2011, a consortium led by private equity firms Silver Lake Capital Management and KKR took GoDaddy private; four years later, the company returned to public markets.

Last year, GoDaddy generated revenue of nearly $5 billion.

However, since hitting an all-time high in early last year, its stock price has fallen by approximately 55%.

Currently, GoDaddy is also grappling with investor concerns that AI website-building tools could undermine its business.

In response, the company is promoting its own Aire.ai platform.

This platform uses AI agents to help users create websites and design logos, hoping to use its own AI products to withstand competitive pressure from emerging website-building tools.