Cisco said Thursday it will buy cybersecurity company Duo Security for $2.35 billion in cash and stock. Cisco’s stock was down 1 percent on the news. Duo Security is a private company based in Ann Arbor, Michigan. The company provides cloud-based tools to prevent security breaches on devices, Cisco said in its announcement. The deal is expected to close by the end of Cisco’s fiscal 2019. It’s Cisco’s biggest acquisition since the $3.7 billion deal for application management company AppDynamics in early 2017 and continues CEO Chuck Robbins‘ string of moves to push the company deeper into software. In October, Cisco agreed buy BroadSoft, a developer of call center technology, for $1.9 billion.
ORIGINAL SOURCE: CNBC