8/2/2018, 2:08 PM (Source: TeleTrader)
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Cisco to purchase Duo Security for $2.35B

Silicon Valley-based technology company Cisco Systems, Inc. revealed on Thursday that it reached a deal to acquire cybersecurity firm Duo Security for $2.35 billion in cash and assumed equity awards.

Previously, Cisco's last cybersecurity acquisition was the purchase of Sourcefire for $2.7 billion in 2013. The latest acquisition is the biggest one since Cisco bought application management company AppDynamics for $3.7 billion in January 2017.

"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," said David Goeckeler, Cisco's Executive Vice President in the announcement. The CEO and co-founder Dug Song added: "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."

Shares of Cisco fell 1% in pre-market trade following the announcement.

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