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Cisco buys multi-factor authentication firm for £1.8 billion

Published on: 14 Aug 2018

Cisco has acquired Michigan-based Duo Security for $2.35 billion (£1.8 billion) in cash as it pushes further into the cyber security sector.

The communications giant’s cyber security business enjoyed an 11 per cent increase in its most recent quarter and Cisco is understandably keen to continue this success.

Duo Security provides multi-factor authentication through the cloud, which is increasingly key to protecting sensitive email and bank accounts.

Dug Song - co-founder, chairman and chief executive of Duo Security - will continue to head the company, which employs 700 people and will become part of Cisco’s networking and security division.

Speaking to Fortune, David Goeckeler, an executive vice president and general manager of security at Cisco, said: “This acquisition is going to enable us to allow customers to securely connect any user on any device to any application over any network. It’s just that simple.”

Mr Song added: “Cisco basically reaches everybody, they are the network.”

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