Multinational IT conglomerate Cisco today announced its plans to acquire identity and access management firm Duo Security. Cisco would purchase the cybersecurity vendor for $2.35 billion in cash and stock.
Duo Security focuses on zero trust identity security, multifactor authentication, cloud-based security, and mobile security. Among its capabilities, it allows employees to authenticate their identities on their own mobile devices. Duo Security is considered an authentication “unicorn” in financial circles due to its rapid growth since its founding in 2010; it raised $121.1 million through several funding rounds. It also announced over 100% growth since last year.
If the acquisition goes through, Duo Security Co-Founder and CEO Dug Song will stay on as General Manager and as part of the Cisco Networking and Security business. Mr. Song said in a statement: “Our partnership is the product of the rapid evolution of the IT landscape alongside a modernizing workforce, which has completely changed how organizations must think about security.”
Cisco’s purchase is its largest since its acquisition of AppDynamics for $3.7 billion in January 2017. While Cisco’s main business focus has been networking, it has been working to supplement and expand its software offering over the past few years, including app development and call center technology.
Cisco’s purchase of Duo Security should be finalized around Q1 of 2019.
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