Cisco is planning to buy Duo Security, a company that provides enterprises with secure multi-factor authentication services, for $2.35 billion, the two companies announced.
Duo Security is largely seen as a leader in the multi-factor authentication space and is best known for its “zero-trust” security platform, which helps companies verify the identity and trust of the various user endpoints on their networks. Based in Ann Arbor, Michigan with other offices in the U.S. and London, the company has raised more than $121 million in venture capital funding since it was founded in 2010.
Duo CEO Dug Song will continue to head the business he co-founded, under Cisco’s networking and security business led by David Goeckeler, a Cisco executive vice president and general manager at Cisco.
Cisco will integrate Duo’s software-as-a-service solution into its existing on-premise identity management product, called Identity Services Engine, the companies said. The integration will give Cisco the ability to deliver its identity control services via the cloud.
The acquisition will also merge Duo’s identity awareness capabilities into several of Cisco’s cloud-delivered products and enhance Cisco’s visibility of the millions of endpoints managed using its products, according to the press release.
Duo will also continue to offer is product as a standalone service.