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Cisco snaps up Duo Security in a $2.4bn deal

Cisco has unveiled plans to buy Duo Security, in a bid to boost the security offering it provides to cloud and network customers.

The enterprise IT giant will pay $2.35bn in cash and assumed equity awards for Duo Security’s outstanding shares, warrants and equity incentives on a fully-diluted basis, it confirmed in a statement.

Duo Security is one of the leading providers of multi-factor authentication, verifying users’ identities before evaluating the health of their devices.

Cisco intends to integrate the company’s software-as-a-service based verification system into its application access tools. It is also planning to use the software to simplify its policy for cloud security and expand its in-depth visibility of managed endpoint devices.

“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.

“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,” he added.

“Cisco created the modern IT infrastructure, and together we will rapidly accelerate our mission of securing access for all users, with any device, connecting to any application, on any network,” said Duo’s CEO Sug Song. “By joining forces with the world’s largest networking and enterprise security company, we have a unique opportunity to drive change at a massive scale, and reshape the industry.”