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.
