Cisco today revealed its intent to purchase Ann Arbor, MI-based security company, Duo Security. Under the regards to the arrangement, Cisco is paying $2.35 billion in money and presumed equity awards for Duo.
Duo Security was established in 2010 by Dug Song and Jonathan Oberheide and went on to raise $121. M through numerous rounds of financing. The business has 700 workers with workplaces throughout the United States and in London, though the business has actually stayed locateded in Ann Arbor.
Co-founder and CEO Dug Song will continue leading Duo as its General Manager and will sign up with Cisco’ s Networking and Security service led by EVP and GM David Goeckeler. Cisco in a declaration stated they worth Michigan’s “resources, abundant skill swimming pool, and facilities,” and stay dedicated to Duo’s financial investment and existence in the Great Lakes State.
The acquisition seems like an excellent suitable for Cisco. Duo’s security device lets workers utilize their own gadget for adaptive authentication. Rather of releasing crucial fobs with security codes, Duo’s service works safely with any gadget. And within Cisco’s environment, the innovation ought to seem like a natural suitable for CTOs searching for safe two-factor authentication.
“ Our collaboration is the item of the fast development of the IT landscape together with an improving labor force, which has actually totally altered how companies should consider security, ” stated Dug Song, Duo Security’ s co-founder and president. “ Cisco produced the contemporary IT facilities, and together we will quickly accelerate our objective of protecting gain access to for all users, with any gadget, linking to any application, on any network. By signing up with forces with the world’ s biggest networking and business security business, we have a special chance to drive modification at a huge scale, and improve the market.”
Over the last couple of years, Cisco has actually made a number of essential acquisitions: OpenDNS, Sourcefire, Cloudlock, and now Duo. This newest offer is anticipated to close in the very first quarter of Cisco’s 2019.
Duo Security’s Dug Song On Company Priorities|Interrupt NY 2017