IT and networking company Cisco has announced that it will buy Michigan-based security firm Duo Security, for USD 2.35 billion in cash and assumed equity awards, TechCrunch reports.
Duo Security was founded in 2010 and over the years has raised USD 121 million through several rounds of funding. The company has 700 employees and offices throughout the US and in London.
Duo co-founder and CEO Dug Song will continue as general manager of the company. In a statement, Cisco said they value Michigan’s “resources, rich talent pool, and infrastructure,” and remain committed to Duo’s investment and presence in the Great Lakes State, as it remains headquartered in Ann Arbor.
“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,” said Dug Song, Duo Security’s co-founder and chief executive officer. “Cisco created the modern IT infrastructure, and together we will rapidly accelerate our mission of securing access for all users, with any device, connecting to any application, on any network. By joining forces with the world’s largest networking and enterprise security company, we have a unique opportunity to drive change at a massive scale, and reshape the industry.”
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