Cisco just announced a big acquisition, in the size of $2.35 billion in cash. The company is acquiring cloud-based identity and access management solutions provider Duo Security.
“Cisco (NASDAQ: CSCO) today announced its intent to acquire privately-held Duo Security, headquartered in Ann Arbor, Mich. Duo Security is the leading provider of unified access security and multi-factor authentication delivered through the cloud,” the official announcement says.
More about Duo Security
Duo Security’s solution is designed to verify the identity of users and the condition of their devices before granting them access to applications, which helps prevent cybersecurity breaches. The platform supports Macs, PCs and mobile devices, and allows administrators to monitor end user devices accessing the corporate network.
As for the acquisition, it is expected that the integration of Cisco’s network and platforms with Duo Security’s authentication and access platforms will enable Cisco customers to connect users to any application on any network device in an easy and efficient manner.
Cisco’s Plans for the Acquisition
What Cisco hopes to accomplish by acquiring Duo Security and its technology is extending intent-based networking into multi-cloud environments. The company also hopes to simplify cloud security policy and expand endpoint visibility coverage.
As explained by David Goeckeler, executive vice president and general manager of Cisco’s networking and security business, “in today’s multicloud world, the modern workforce is connecting to critical business applications both on- and off-premise”.
IT teams are responsible for protecting hundreds of different perimeters that span anywhere a user makes an access decision. 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.
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, the official announcement reads. Duo Security willjoin Cisco’s Networking and Security business led by EVP and GM David Goeckeler.
This is not the first acquisition of a security provider for Cisco. The company has acquired a number of emerging security companies over the years. For example, in June 2015, Cisco announced the acquisition of OpenDNS for $635 Million, which was followed by more acquisitions in the security sector, such as the acquisition of Porcullis, ThreatGRID, Neohapsis, Virtuata, and its $2.7 billion acquisition of Sourcefire in 2013. A couple of years ago, Cisco paid $293 million to acquire cloud access security broker CloudLock. And now, in 2018, Cisco is intending to acquire Duo Security for $2.35 billion in cash.