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Privately held Duo Security has technology that Cisco sees as advantageous to its intent-based networking strategy, so Cisco Thursday announced its intent to acquire the company. Cisco will pay $2.35 billion in cash and assumed equity awards for the Michigan-based company.
Founded in 2010, Duo Security provides two-factor authentication, endpoint remediation and secure single sign-on tools. The company’s security solution verifies the identity of users and the health of their devices before granting them access to applications to help prevent cybersecurity threats. The vendor launched its first channel partner program aimed at MSPs last year.
“In today’s multicloud world, the modern workforce is connecting to critical business applications both on and off-premises,” said David Goeckeler, executive vice president and general manager of Cisco’s networking and security business. “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.”
Gartner’s definition of intent-based networking is a piece of networking software that helps to plan, design, implement or operate networks that can improve network availability and agility. Think of it as life-cycle management software for networking infrastructure. Now insert concepts such as “smart,” “intelligent” and “automated,” and you begin to get the picture.
Cisco notes the acquisition will offer benefits such as:
In a blog to Duo Security employees that addresses what he calls the company’s next chapter, Dug Song, Duo Security CEO, co-founder and chairman, talks about the Cisco acquisition as the right thing for the company, partners and stakeholders.
“This agreement begins an exciting new chapter for Duo. With this deal, we will realize significant value for our shareholders, while gaining the opportunity to leverage Cisco’s global scale and resources to democratize security faster without compromising our vision,” he wrote.
When the acquisition closes, expected later this quarter, Duo Security will join Cisco’s networking and security business, led by Goeckeler. Song will continue to lead Duo Security.