Cisco’s $2.35 Billion Acquisition of Duo Security

Fenwick & West and Gunderson Dettmer advised on the deal

Cisco Systems, Inc. (NASDAQ: CSCO), agreed to pay $2.35 billion for the acquisition of Duo Security, Inc., a leading provider of unified access security and multi-factor authentication delivered through the cloud. Under the terms of the agreement, Cisco will pay $2.35 billion in cash and assumed equity awards for Duo Security’s outstanding shares, warrants and equity incentives on a fully-diluted basis. The acquisition is expected to close during the first quarter of Cisco’s fiscal year 2019, subject to customary closing conditions and required regulatory approvals.

With the acquisition, Cisco will integrate Duo’s zero-trust authentication and access products with its own network, device and cloud security platforms. The integration will enable Cisco customers to easily and more securely connect users to any application on any networked device. More information about Cisco’s acquisition of Duo Security can be obtained from the company announcement.

Fenwick advised Cisco on the transaction with a team including corporate lawyers Doug Cogen (Picture), Ken Myers, Steve Fisher, Victoria Wong and Nikhil Sharma; intellectual property and technology transactions lawyers Stephen Gillespie, Jonathan Millard, Chris Joslyn, Julia Arruda, Emily Bullis and Matthew Slevin; privacy and cybersecurity lawyer Alexander Ip; antitrust lawyer Mark Ostrau; executive compensation and employee benefits lawyers Gerald Audant, Matt Cantor, Laura McIntyre, Hans Andersson and Liza Morgan; and tax lawyers Andrew Kim and Ora Grinberg.

Gunderson Dettmer acted as legal advisor to Duo Security with a team including Michael Irvine (corporate), John Olson (corporate), Colin Chapman (IP), Sharon Hendricks (executive compensation) and Jeffrey Goldman (executive compensation), with associates Nicholas Harley, Alex Whatley, Elaine Strand Sylvester, Anna Westfelt, Eric Gorin Regan, Laurel Fedder, and Jaime Narayan.


Involved fees earner: Michael Irvine – Gunderson Dettmer; John Olson – Gunderson Dettmer; Nicholas Harley – Gunderson Dettmer; Alex Whatley – Gunderson Dettmer; Elaine Strand Sylvester – Gunderson Dettmer; Colin Chapman – Gunderson Dettmer; Anna Westfelt – Gunderson Dettmer; Eric Gorin Regan – Gunderson Dettmer; Sharon Hendricks – Gunderson Dettmer; Jeffrey Goldman – Gunderson Dettmer; Laurel Fedder – Gunderson Dettmer; Jaime Narayan – Gunderson Dettmer; Douglas Cogen – Fenwick & West LLP; Ken Myers – Fenwick & West LLP; Stephen Fisher – Fenwick & West LLP; Victoria Wong – Fenwick & West LLP; Nikhil Sharma – Fenwick & West LLP; Stephen Gillespie – Fenwick & West LLP; Jonathan Millard – Fenwick & West LLP; Chris Joslyn – Fenwick & West LLP; Julia Arruda – Fenwick & West LLP; Emily Bullis – Fenwick & West LLP; Matthew Slevin – Fenwick & West LLP; Alexander Ip – Fenwick & West LLP; Mark Ostrau – Fenwick & West LLP; Gerald Audant – Fenwick & West LLP; Matthew Cantor – Fenwick & West LLP; Laura McIntyre – Fenwick & West LLP; Hans Andersson – Fenwick & West LLP; Liza Morgan – Fenwick & West LLP; Andrew Kim – Fenwick & West LLP; Ora Grinberg – Fenwick & West LLP;

Law Firms: Gunderson Dettmer; Fenwick & West LLP;

Clients: Cisco Systems, Inc.; Duo Security, Inc.;