August 2, 2018

Cisco to snap up Duo Security for USD 2.35 billion

The acquisition aims to expand Cisco’s cloud offerings for business and enterprise-grade customers.

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IT mogul Cisco are all set to acquire cybersecurity startup Duo Security in a USD 2.35 billion deal. With this acquisition, Cisco will be bolstering their subscription-based security offerings available on the cloud to consolidate their company’s software portfolio.

Cisco say that they were building a cloud-based security product to address the authentication needs of enterprises. By providing an authentication software, Cisco claim that they were catering to a large market globally and extending their product portfolio as well.

The IT mogul claims that they saw synergies with Duo Security, a startup specialising in two-factor authorization that helps organizations identify their employees across a range of devices and applications. After a formal discussion with Duo, Cisco revealed that they found a way to extend their own product architecture and provide a firewall for cloud and mobile users.

Speaking about the acquisition, David Goeckleler, Security Executive at Cisco, commented:

We’ve been building a world-class security architecture for some time. What Duo allows us to do is extend that architecture to wherever users are.

Duo Security are thrilled with this deal and said that this move allows them to take their products to a global scale without having to go through the grind of the modern tech market. In closing, they added that the deal is set to close in the next two to three months subject to mandatory regulations and processes.

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