Cisco is purchasing Duo Security for a huge amount in cash!
The MI-based firm, Duo security will now come under Cisco. In a press conference, Cisco announced that they are acquiring Duo Securty, and under the terms, they will pay the amount in cash! The amount is quite huge. Duo Security has demanded a whooping $2.35 billion in cash from the company.
Dug Song, the founder of Duo Security, with Jonathan Oberheide, founded the company in 2010. Both of them raised around $121billion through funds for the company. This funding included several rounds. With headquarters in Ann Arbor, there are around 700 employees of the company in The US and London.
After the deal ends up, Dug Song will join as General Manager in Cisco Networking and Business under EVP and GM David Goeckeler.
However, there are several advantages for [the] company, if this deal closes properly. Cisco will get the Due Securiy technologies after the deal. Dou has a security apparatus which allows the employees to use their device for adaptive authentication. Not only this, this will allow [them] to use this technology, instead of creating key fobs with security codes.
Our partnership is the product of the rapid evolution of the IT landscape alongside a modernizing workforce, which has completely changed how organizations must think about security.
However, the deal is going to close in the first quarter of 2019. They currently have OpenDNS, Sourcefire, and Cloudlock as well.
Cisco is a large manufacturer, which generally manufacture networking devices. They also focus on the security of these devices. Some of the equipment are Switches, routers, Bridges etc.