Cisco has agreed to pay $2.35 billion cash for privately held Duo Security, a cloud identity and security company based in Michigan.
Networking hardware conglomerate Cisco has been snapping up cloud security specialists in recent years, including Cloudlock, OpenDNS and Sourcefire.
Duo Security’s CEO Dug Song told staff: “I know this news is unexpected… As a new business unit within Cisco, Duo will benefit from being part of a larger organization with established go-to-market reach, scale, and partnerships. We will also have support and resources as part of Cisco to accelerate our strategy.”
He added: “I view this as an exciting opportunity to continue to innovate and invest in the future, and will continue to lead as Duo’s new General Manager, rather than its CEO (which is great – General Dug has a nice ring to it).
The buyout of the privately held cloud multi-factor authentification specialist comes amid heightened interest in remote access security, as more companies deploy applications to the cloud, requiring secure remote logins by staff working across a range of devices and networks.
The deal follows last month’s acquisition by Okta, the cloud identity services provider of ScaleFT, which specialises in Zero Trust architecture for the cloud.
As Computer Business Review highlighted with regard to that deal, companies pushing a move to zero trust, multi-factor authentificated cloud logins have their eye in part on a VPN market estimated to be worth $106 (£81) billion by 2022.
Duo Security Will Help Cisco “Address Challenges that Stem from Multi-and Hybrid-Cloud Environments”
“Integration of Cisco’s network, device and cloud security platforms with Duo Security’s zero-trust authentication and access products will enable Cisco customers to easily and securely connect users to any application on any networked device”, Cisco said.
David Goeckeler, GM of Cisco’s networking and security business said: “We’ve spent the past several years… automating networking domains and building our cloud-delivered security portfolio. The Duo acquisition is another major step forward. It moves Cisco in a new direction — identity and access. It’s a seminal development for IT teams deploying multicloud models — the integration of networking, security and identity all delivered from a cloud-based, frictionless platform.”
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.
This article is from the CBROnline archive: some formatting and images may not be present.
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