Cisco will acquire Duo Security in a $2.35 billion deal designed to boost Cisco's ability to increase security for its customers as they access more from the cloud.
The acquisition of the privately held, Ann Arbor, Mich.-based Duo Security is expected to close during the first quarter of Cisco's fiscal year, which ends on October 27, 2018. Cisco will pay in cash and assumed equity awards for Duo Security's outstanding shares, warrants and equity incentives on a fully-diluted basis, Cisco said in a statement.
Dug Song, co-founder and CEO of Duo Security, will continue to lead his firm, which will join Cisco's Networking and Security business led by EVP and GM David Goeckeler.
One of the primary reasons for Cisco to roll Duo Security into its fold is to integrate that company's zero-trust authentication and access products into Cisco's network, device and cloud security platforms, the company said.