Cisco to buy cyber-security company Duo

Cisco Systems Inc said on Thursday it would buy Duo Security, a venture capital-backed cyber security company, for $2.35 billion in cash, as it seeks to expand its offerings in cloud computing.

The deal is the biggest acquisition for Cisco since its $3.7-billion purchase of business performance monitoring software company AppDynamics last year, and its largest in the cyber security sector since its $2.7-billion takeover of Sourcefire in 2013.

Duo’s platform allows users to verify their identity with a two-step authentication and its investors include Index Ventures, Workday, Redpoint Ventures and True Ventures.

The deal is expected to close in the first quarter of Cisco’s fiscal 2019.

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