Cisco to buy cyber-security company Duo for $2.35 billion
Live MintCisco Systems Inc said on Thursday it would buy Duo Security, a venture capital-backed cyber security company, for $2.35 billion in cash, as part of its push to expand into a faster growing area of software than its core business. 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. The deal is an example of “a move toward software and our shift to more recurring revenue with new subscription-based solutions,” Robert Salvagno, head of Cisco’s corporate development said on a conference call Thursday. “Cisco is getting its act together in the cyber security market,” Credit Suisse analyst Brad Zelnick said in a research note, noting that Cisco has acquired five security companies over the past three years.
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Cisco to buy cybersecurity company Duo for $2.35 billion, biggest acquisition after AppDynamics last year
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