SAN JOSE, California — Cisco Systems Inc., announced on Thursday that it will purchase Ann Arbor, Michigan based Duo Security – a cyber security company, for $2.35 billion adding to its offerings in cloud-based security.
Cisco is paying in cash and assumed equity for the private company, which provides technology that checks identities and the trustworthiness of the devices being used to access applications.
“In today’s multicloud world, the modern workforce is connecting to critical business applications both on- and off-premise,” said David Goeckeler, executive vice president and general manager of Cisco’s networking and security business. “IT teams are responsible for protecting hundreds of different perimeters that span anywhere a user makes an access decision. Duo’s zero-trust authentication and access products integrated with our network, device and cloud security platforms will enable our customers to address the complexity and challenges that stem from multi-and hybrid-cloud environments.”
The acquisition is expected to close during the first quarter of Cisco’s fiscal year 2019, subject to customary closing conditions and required regulatory approvals. Duo Security, which will continue to be led by Song, will join Cisco’s Networking and Security business led by EVP and GM David Goeckeler.
Cisco has recently purchased BroadSoft Inc., a cloud-based communications company, for $1.9 billion earlier this year, and AppDynamics Inc., which brought in software tools that help companies monitor and fine-tune their business systems, for $3.7 billion in 2017.
Duo Security which has 700 employees, has a customer base which includes Facebook Inc., Yelp Inc. and Zillow Group Inc.
Duo could not be more thrilled to start the next chapter of our journey: Cisco, the world's largest enterprise security company, has announced it’s intent to acquire The Most Loved Company in Security! https://t.co/8h4JtOS8BL pic.twitter.com/rKktYcHdTQ
— Duo Security (@duosec) 2 augusti 2018
