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ForgeRock files for IPO as identity and access management business grows

Published August 24, 2021

ForgeRock filed its form S-1 with the Securities and Exchange Commission (SEC) this morning as the identity management provider takes the next step toward its IPO.

The company did not provide initial pricing for its shares, which will trade on the New York Stock Exchange under the symbol FORG. The IPO is being led by Morgan Stanley and J.P. Morgan Chase & Co., with the company being valued as high as $4 billion, according to Bloomberg, which is a significant uplift over the $730 million post-money value that PitchBook had for the company after its last round in 2020.

With the ever-increasing volume of cybersecurity attacks against organizations of all sizes, the need to secure and manage user identities is of growing importance. Based in San Francisco, ForgeRock has raised $233 million in funding across multiple rounds. The company’s last round was a $93.5 million Series E announced in April 2020, which was led by Riverwood Capital alongside Accenture Ventures. At that time, CEO Fran Rosch told TechCrunch that the round would be the last before an IPO, which was also what former CEO Mike Ellis told us after the startup’s $88 million Series D in September 2017.

While the timing of its IPO might have been unclear over the last few years, the company has been on a positive trajectory for growth. In its S-1, ForgeRock reported that as of June 30, its annual recurring revenue (ARR) was $155 million, representing 30% year-over-year growth.

While revenue is growing, losses are narrowing as the company reported a $20 million net loss down from $36 million a year ago. There certainly is a whole lot of room to grow, as the company estimates that the total global addressable market for identity services to be worth $71 billion.

Among the many competitors that ForgeRock faces is Okta, which went public in 2017 and has been growing in the years since. In March, Okta acquired cloud identity startup Auth0 for $6.5 billion in a deal that raised a few eyebrows. Another competitor is Ping Identity, which went public in 2019 and is also growing, reporting on August 4 that its ARR hit $279.6 million in its quarter ended June 30, for a 19% year-over-year gain. There have also been a few big exits in the space over the years, including Duo Security, which was acquired by Cisco for $2.35 billion in 2018.

“ForgeRock has a good access management tool and they continue to be a strong player in customer identity and access management (CIAM),” commented Michael Kelley, senior research director at Gartner.

Kelley noted that in 2020, ForgeRock converted most of its core access management services to a SaaS delivery model, which helped the company catch up with the rest of the market that already offered access management as SaaS. Also last year the company expanded into identity governance, introducing a brand new identity, governance and administration (IGA) product.

“I think one of the more interesting products that ForgeRock offers is ForgeRock Trees, which is a no-code/low-code orchestration tool for building complex authentication and authorization journeys for customers, which is particularly helpful in the CIAM market,” Kelly added.

ForgeRock was founded in 2010, but its roots go back even further to an open-source single sign-on project known as OpenSSO that was created by Sun Microsystems in 2005. When Oracle acquired Sun Microsystems in early 2010, a number of its open-source efforts were left to languish, which is what led a number of former Sun employees to start ForgeRock.

Over the last decade, ForgeRock has expanded significantly beyond just providing a single sign-on to providing an identity platform that can handle consumer, enterprise and IoT use-cases. The company’s platform today handles identity and access management as well as identity governance.

The ability to scale is a key selling point that ForgeRock makes in the S-1, noting that its platform can handle over 60,000 user-based access transactions per second per customer.

“As of June 30, 2021, we had four customers with 100 million or more licensed identities, the company stated in the S-1. “Our ability to serve mission-critical needs in complex environments for large customers enables us to grow our base of large customers and expand within each of them. “

Adobe’s Amit Ahuja will be talking customer experience at TechCrunch Sessions: Enterprise

Published August 9, 2019

As companies collect increasingly large amounts of data about customers, the end game is about improving the customer experience. It’s a term we’re hearing a lot of these days, and we are going to be discussing that very topic with Amit Ahuja, Adobe’s vice president of ecosystem development, next month at TechCrunch Sessions: Enterprise in San Francisco. Grab your early-bird tickets right now — $100 savings ends today!

Customer experience covers a broad array of enterprise software and includes data collection, analytics and software. Adobe deals with all of this, including the Adobe Experience Platform for data collection, Adobe Analytics for visualization and understanding and Adobe Experience Cloud for building applications.

The idea is to begin to build an understanding of your customers through the various interactions you have with them, and then build applications to give them a positive experience. There is a lot of talk about “delighting” customers, but it’s really about using the digital realm to help them achieve what they want as efficiently as possible, whatever that means to your business.

Ahuja will be joining TechCrunch’s editors, along with Qualtrics chief experience officer Julie Larson-Green and Segment CEO Peter Reinhardt to discuss the finer points of what it means to build a customer experience, and how software can help drive that.

Ahuja has been with Adobe since 2005 when he joined as part of the $3.4 billion Macromedia acquisition. His primary role today involves building and managing strategic partnerships and initiatives. Prior to this, he was the head of Emerging Businesses and the GM of Adobe’s Data Management Platform business, which focuses on advertisers. He also spent seven years in Adobe’s Corporate Development Group, where he helped complete the acquisitions of Omniture, Scene7, Efficient Frontier, Demdex and Auditude.

Amit will be joining us on September 5 in San Francisco, along with some of the biggest influencers in enterprise, including Bill McDermott from SAP, Scott Farquhar from Atlassian, Aparna Sinha from Google, Wendy Nather from Duo Security, Aaron Levie from Box and Andrew Ng from Landing AI.

Early-bird savings end today, August 9. Book your tickets today and you’ll save $100 before prices go up.

Bringing a group? Book our 4+ group tickets and you’ll save 20% on the early-bird rate. Bring the whole squad here.

Announcing the agenda for TC Sessions: Enterprise | San Francisco, September 5

Only 24 hours left to save $100 on TC Sessions: Enterprise 2019

Published August 8, 2019

Heads up all you enterprising enterprise software startuppers. You have only 24 hours before the price goes up on tickets to TC Sessions: Enterprise 2019. Save $100 and join us in San Francisco on September 5 — along with some of the industry’s top founders, CEOs, investors and technologists. Buy your early-bird ticket before 11:59 p.m. (PT) on August 9.

Enterprise is, without doubt, Silicon Valley’s 800-pound gorilla. No other startup category is as large, rich or competitive. In this day-long conference, we tackle the big topics and separate hype from reality. Artificial intelligence? Check. Cloud, Kubernetes, security and privacy, marketing automation, quantum? Yes. Investors, founders, and acquisition-hungry big enterprise companies? Tons of opportunity to network efficiently via CrunchMatch? Yeah, all that and more in 20 main-stage sessions — plus separate speaker Q&As and breakout sessions. Check out the day’s agenda.

Here’s a quick example of the type of programming you can expect.

Does the recent Capital One data breach have you up nights worried about the cost and consequences of cyberattacks? Don’t miss TechCrunch editor Zack Whittaker’s interview with Martin Casado (Andreessen Horowitz), Emily Heath (United Airlines) and Wendy Nather (Duo Security) in a session called, Keeping the Enterprise Secure.

Enterprises face a litany of threats from both inside and outside the firewall. Now more than ever, companies — especially startups — have to put security first. From preventing data from leaking to keeping bad actors out of your network, enterprises have it tough. How can you secure the enterprise without slowing growth? We’ll discuss the role of a modern CISO and how to move fast… without breaking things.

Looking for more ways to save or boost your ROI? Look no further. Buy four or more tickets at once and save 20% with the group discount. And, with every ticket you buy to TC Sessions: Enterprise, you’ll score a free Expo Only pass to TechCrunch Disrupt SF on October 2-4.

TC Sessions: Enterprise takes place on September 5, and if you want to save $100, you have just 24 hours left to act. The $249 early-bird ticket price remains in play until 11:59 p.m. (PT) on August 9. Buy your ticket now and save.

Is your company interested in sponsoring or exhibiting at TC Sessions: Enterprise 2019? Contact our sponsorship sales team by filling out this form.

Only 48 hours left for early-bird tickets to TC Sessions: Enterprise 2019

Published August 7, 2019

If enterprise software makes your entrepreneurial heart beat faster, you do not want to miss TC Sessions: Enterprise 2019 on September 5 in San Francisco. And if you really want to make your heart sing, buy an early-bird ticket and save $100. But act quickly, because that deal disappears in just 48 hours on August 9 at 11:59 p.m. (PT).

Join more than 1,000 enterprise software experts and aficionados — leaders, rising founders and VCs — to discuss, explore and gain insight into the current and future state of enterprise companies, trends and technology.

This day-long conference features more than 20 sessions on the Main stage including interviews, panel discussions, plus separate speaker Q&As and breakout sessions. You’ll hear from industry giants like these (to name just a few):

George Brady, CTO at Capital One
Jim Clarke, Intel’s director of Quantum Hardware
Scott Farquhar, co-founder and co-CEO at Atlassian
Aaron Levie, Box co-founder and CEO
Aparna Sinha, Google’s director of product management for Kubernetes and Anthos

Our presentations cover a wide range of crucial topics — like this one featuring Martin Casado (Andreessen Horowitz) and Wendy Nather (Duo Security):

Keeping the Enterprise Secure: Enterprises face a litany of threats from both the inside and outside the firewall. Now more than ever, companies — especially startups — have to put security first. From preventing data from leaking to keeping bad actors out of your network, enterprises have it tough. How can you secure the enterprise without slowing growth? We’ll discuss the role of a modern CSO and how to move fast… without breaking things.

You’ll find the lineup of events in the agenda, and we might even add a few surprises between now and September.

No TechCrunch Session would be complete without world-class networking, and you’ll have plenty of opportunities to build new connections. Even better, you’ll have CrunchMatch at your disposal. Our free business match-making platform helps you cut through the noise, zero in on the right people and produce better results.

You can’t clone yourself (yet), but you can bring your team and cover more ground. Take advantage of our group discount and save 20% when you purchase four or more tickets at once.

One more ROI checkpoint. For every ticket you buy to this Session, we’ll register you for a free Expo-only pass to TechCrunch Disrupt SF 2019.

TC Sessions: Enterprise takes place in less than one month, but the early-bird price evaporates in just 48 hours. Buy your early-bird ticket before the deadline — August 9 at 11:59 p.m. (PT). Save $100 and make your heart sing.

Is your company interested in sponsoring or exhibiting at TC Sessions: Enterprise? Contact our sponsorship sales team by filling out this form.

Save with group discounts and bring your team to TechCrunch’s first-ever Enterprise event Sept. 5 in SF

Published July 31, 2019

Get ready to dive into the fiercely competitive waters of enterprise software. Join more than 1,000 attendees for TC Sessions Enterprise 2019 on September 5 to navigate this rapidly evolving category with the industry’s brightest minds, biggest names and exciting startups.

Our $249 early-bird ticket price remains in play, which saves you $100. But one is the loneliest number, so why not take advantage of our group discount, buy in bulk and bring your whole team? Save an extra 20% when you buy four or more tickets at once.

We’ve packed this day-long conference with an outstanding lineup of presentations, interviews, panel discussions, demos, breakout sessions and, of course, networking. Check out the agenda, which includes both industry titans and boundary-pushing startups eager to disrupt the status quo.

We’ll add more surprises along the way, but these sessions provide a taste of what to expect — and why you’ll need your posse to absorb as much intel as possible.

Talking Developer Tools
Scott Farquhar (Atlassian)

With tools like Jira, Bitbucket and Confluence, few companies influence how developers work as much as Atlassian. The company’s co-founder and co-CEO Scott Farquhar will join us to talk about growing his company, how it is bringing its tools to enterprises and what the future of software development in and for the enterprise will look like.

Keeping the Enterprise Secure
Martin Casado (Andreessen Horowitz), Wendy Nather (Duo Security), Emily Heath (United Airlines)

Enterprises face a litany of threats from both inside and outside the firewall. Now more than ever, companies — especially startups — have to put security first. From preventing data from leaking to keeping bad actors out of your network, enterprises have it tough. How can you secure the enterprise without slowing growth? We’ll discuss the role of a modern CSO and how to move fast — without breaking things.

Keeping an Enterprise Behemoth on Course
Bill McDermott (SAP)

With over $166 billion in market cap, Germany-based SAP is one of the most valuable tech companies in the world today. Bill McDermott took the leadership in 2014, becoming the first American to hold this position. Since then, he has quickly grown the company, in part thanks to a number of $1 billion-plus acquisitions. We’ll talk to him about his approach to these acquisitions, his strategy for growing the company in a quickly changing market and the state of enterprise software in general.

The Quantum Enterprise
Jim Clarke (Intel), Jay Gambetta (IBM) and Krysta Svore (Microsoft)
4:20 PM – 4:45 PM

While we’re still a few years away from having quantum computers that will fulfill the full promise of this technology, many companies are already starting to experiment with what’s available today. We’ll talk about what startups and enterprises should know about quantum computing today to prepare for tomorrow.

TC Sessions Enterprise 2019 takes place on September 5. You can’t be everywhere at once, so bring your team, cover more ground and increase your ROI. Get your group discount tickets and save.

Duo’s Wendy Nather to talk security at TC Sessions: Enterprise

Published July 24, 2019

When it comes to enterprise security, how do you move fast without breaking things?

Enter Duo’s Wendy Nather, who will join us at TC Sessions: Enterprise in San Francisco on September 5, where we will get the inside track on how to keep enterprise networks secure without slowing growth.

Nather is head of advisory CISOs at Duo Security, a Cisco company, and one of the most respected and trusted voices in the cybersecurity community as a regular speaker on a range of topics, from threat intelligence to risk analysis, incident response, data security and privacy issues.

Prior to her role at Duo, she was the research director at the Retail ISAC, and served as the research director of the Information Security Practice at independent analyst firm 451 Research.

She also led IT security for the EMEA region of the investment banking division of Swiss Bank Corporation — now UBS.

Nather also co-authored “The Cloud Security Rules,” and was listed as one of SC Magazine’s Women in IT Security “Power Players” in 2014.

We’re excited to have Nather discuss some of the challenges startups and enterprises face in security — threats from both inside and outside the firewall. Companies large and small face similar challenges, from keeping data in to keeping hackers out. How do companies navigate the litany of issues and threats without hampering growth?

Who else will we have onstage, you ask? Good question! We’ll be joined by some of the biggest names and the smartest and most prescient people in the industry, including Bill McDermott at SAP, Scott Farquhar at Atlassian, Julie Larson-Green at Qualtrics, Aaron Levie at Box and Andrew Ng at Landing AI and many, many more. See the whole agenda right here.

Early-bird tickets are on sale right now! For just $249 you can see Nather and these other awesome speakers live at TC Sessions: Enterprise. But hurry, early-bird sales end on August 9; after that, prices jump up by $100. Book here.

If you’re a student on a budget, don’t worry, we’ve got a super-reduced ticket for just $75 when you apply for a student ticket right here.

Enterprise-focused startups can bring the whole crew when you book a Startup Demo table for just $2,000. Each table gives you a primo location to be seen by attendees, investors and other sponsors, in addition to four tickets to enjoy the show. We only have a limited amount of demo tables and we will sell out. Book yours here.

Announcing the agenda for TC Sessions: Enterprise | San Francisco, September 5

Published July 22, 2019

TechCrunch Sessions is back! On September 5, we’re taking on the ferociously competitive field of enterprise software, and thrilled to announce our packed agenda, overflowing with some of the biggest names and most exciting startups in the enterprise industry. And you’re in luck, because $249 early-bird tickets are still on sale — make sure you book yours so you can enjoy all the agenda has to offer.

Throughout the day, you can expect to hear from industry experts and partake in discussions about the potential of new technologies like quantum computing and AI, how to deal with the onslaught of security threats, investing in early-stage startups and plenty more.

We’ll be joined by some of the biggest names and the smartest and most prescient people in the industry, including Bill McDermott at SAP, Scott Farquhar at Atlassian, Julie Larson-Green at Qualtrics, Wendy Nather at Duo Security, Aaron Levie at Box and Andrew Ng at Landing AI.

Our agenda showcases some of the powerhouses in the space, but also plenty of smaller teams that are building and debunking fundamental technologies in the industry. We still have a few tricks up our sleeves and will be adding some new names to the agenda over the next month, so keep your eyes open. In the meantime, check out these agenda highlights:

AGENDA

Investing with an Eye to the Future
Jason Green (Emergence Capital), Maha Ibrahim (Canaan Partners) and Rebecca Lynn (Canvas Ventures)
9:35 AM – 10:00 AM

In an ever-changing technological landscape, it’s not easy for VCs to know what’s coming next and how to place their bets. Yet, it’s the job of investors to peer around the corner and find the next big thing, whether that’s in AI, serverless, blockchain, edge computing or other emerging technologies. Our panel will look at the challenges of enterprise investing, what they look for in enterprise startups and how they decide where to put their money.

Talking Shop
Scott Farquhar (Atlassian)
10:00 AM – 10:20 AM

Q&A with Investors
10:20 AM – 10:50 AM

Your chance to ask questions of some of the greatest investors in enterprise.

Innovation Break: Deliver Innovation to the Enterprise
DJ Paoni (SAP), Sanjay Poonen (VMware) and Shruti Tournatory (Sapphire Ventures)
10:20 AM – 10:40 AM

For startups, the appeal of enterprise clients is not surprising — signing even one or two customers can make an entire business, and it can take just a few hundred to build a $1 billion unicorn company. But while corporate counterparts increasingly look to the startup community for partnership opportunities, making the jump to enterprise sales is far more complicated than scaling up the strategy startups already use to sell to SMBs or consumers. Hear from leaders who have experienced successes and pitfalls through the process as they address how startups can adapt their strategy with the needs of the enterprise in mind. Sponsored by SAP.

Coming Soon!
10:40 AM – 11:00 AM

Box’s Enterprise Journey
Aaron Levie (Box)
11:15 AM – 11:35 AM

Box started life as a consumer file-storage company and transformed early on into a successful enterprise SaaS company, focused on content management in the cloud. Levie will talk about what it’s like to travel the entire startup journey — and what the future holds for data platforms.

Bringing the Cloud to the Enterprise
George Brady (Capital One), Byron Deeter (Bessemer Venture Partners) and a speaker to be announced
11:35 AM – 12:00 PM

Cloud computing may now seem like the default, but that’s far from true for most enterprises, which often still have tons of legacy software that runs in their own data centers. What does it mean to be all-in on the cloud, which is what Capital One recently accomplished. We’ll talk about how companies can make the move to the cloud easier, what not to do and how to develop a cloud strategy with an eye to the future.

Keeping the Enterprise Secure
Martin Casado (Andreessen Horowitz), Wendy Nather (Duo Security) and a speaker to be announced
1:00 PM – 1:25 PM

Enterprises face a litany of threats from both inside and outside the firewall. Now more than ever, companies — especially startups — have to put security first. From preventing data from leaking to keeping bad actors out of your network, enterprises have it tough. How can you secure the enterprise without slowing growth? We’ll discuss the role of a modern CSO and how to move fast… without breaking things.

Keeping an Enterprise Behemoth on Course
Bill McDermott (SAP)
1:25 PM – 1:45 PM

With over $166 billion is market cap, Germany-based SAP is one of the most valuable tech companies in the world today. Bill McDermott took the leadership in 2014, becoming the first American to hold this position. Since then, he has quickly grown the company, in part thanks to a number of $1 billion-plus acquisitions. We’ll talk to him about his approach to these acquisitions, his strategy for growing the company in a quickly changing market and the state of enterprise software in general.

How Kubernetes Changed Everything
Brendan Burns (Microsoft), Tim Hockin (Google Cloud), Craig McLuckie (VMware) and Aparna Sinha (Google)
1:45 PM – 2:15 PM

You can’t go to an enterprise conference and not talk about Kubernetes, the incredibly popular open-source container orchestration project that was incubated at Google. For this panel, we brought together three of the founding members of the Kubernetes team and the current director of product management for the project at Google to talk about the past, present and future of the project and how it has changed how enterprises think about moving to the cloud and developing software.

Innovation Break: Data: Who Owns It
(SAP)
2:15 PM – 2:35 PM

Enterprises have historically competed by being closed entities, keeping a closed architecture and innovating internally. When applying this closed approach to the hottest new commodity, data, it simply does not work anymore. But as enterprises, startups and public institutions open themselves up, how open is too open? Hear from leaders who explore data ownership and the questions that need to be answered before the data floodgates are opened. Sponsored by SAP.

AI Stakes its Place in the Enterprise
Bindu Reddy (Reality Engines), Jocelyn Goldfein (Zetta Venture Partners) and a speaker to be announced
2:35 PM – 3:00 PM

AI is becoming table stakes for enterprise software as companies increasingly build AI into their tools to help process data faster or make more efficient use of resources. Our panel will talk about the growing role of AI in enterprise for companies big and small.

Q&A with Founders
3:00 PM – 3:30 PM

Your chance to ask questions of some of the greatest startup minds in enterprise technology.

The Trials and Tribulations of Experience Management
Julie Larson-Green (Qualtrics), Peter Reinhardt (Segment) and a speaker to be announced
3:15 PM – 3:40 PM

As companies gather more data about their customers, it should theoretically improve the customer experience, buy myriad challenges face companies as they try to pull together information from a variety of vendors across disparate systems, both in the cloud and on prem. How do you pull together a coherent picture of your customers, while respecting their privacy and overcoming the technical challenges? We’ll ask a team of experts to find out.

Innovation Break: Identifying Overhyped Technology Trends
James Allworth (Cloudflare), George Mathew (Kespry) and Max Wessel (SAP)
3:40 PM – 4:00 PM

For innovation-focused businesses, deciding which technology trends are worth immediate investment, which trends are worth keeping on the radar and which are simply buzzworthy can be a challenging gray area to navigate and may ultimately make or break the future of a business. Hear from these innovation juggernauts as they provide their divergent perspectives on today’s hottest trends, including Blockchain, 5G, AI, VR and more. Sponsored by SAP.

Fireside Chat
Andrew Ng (Landing AI)
4:00 PM – 4:20 PM

Few technologists have been more central to the development of AI in the enterprise than Andrew Ng . With Landing AI and the backing of many top venture firms, Ng has the foundation to develop and launch the AI companies he thinks will be winners. We will talk about where Ng expects to see AI’s biggest impacts across the enterprise.

The Quantum Enterprise
Jim Clarke (Intel), Jay Gambetta (IBM) and Krysta Svore (Microsoft)
4:20 PM – 4:45 PM

Overcoming the Data Glut
Benoit Dageville (Snowflake), Ali Ghodsi (Databricks) and a speaker to be announced
4:45 PM – 5:10 PM

There is certainly no shortage of data in the enterprise these days. The question is how do you process it and put it in shape to understand it and make better decisions? Our panel will discuss the challenges of data management and visualization in a shifting technological landscape where the term “big data” doesn’t begin to do the growing volume justice.

Early-bird tickets are on sale now for just $249. That’s a $100 savings before prices go up — book yours today.

Students, save big with our super discounted $75 ticket when you book here.

Are you a startup? Book a demo table package for just $2,000 (includes 4 tickets) — book here.

Cisco’s $2.35 billion Duo acquisition front and center at earnings call

Published August 16, 2018

When Cisco bought Ann Arbor, Michigan security company, Duo for a whopping $2.35 billion earlier this month, it showed the growing value of security and security startups in the view of traditional tech companies like Cisco.

In yesterday’s earnings report, even before the ink had dried on the Duo acquisition contract, Cisco was reporting that its security business grew 12 percent year over year to $627 million. Given those numbers, the acquisition was top of mind in CEO Chuck Robbins’ comments to analysts.

“We recently announced our intent to acquire Duo Security to extend our intent-based networking portfolio into multi- cloud environments. Duo’s SaaS delivered solution will expand our cloud security capabilities to help enable any user on any device to securely connect to any application on any network,” he told analysts.

Indeed, security is going to continue to take center stage moving forward. “Security continues to be our customers number one concern and it is a top priority for us. Our strategy is to simplify and increase security efficacy through an architectural approach with products that work together and share analytics and actionable threat intelligence,” Robbins said.

That fits neatly with the Duo acquisition, whose guiding philosophy has been to simplify security. It is perhaps best known for its two-factor authentication tool. Often companies send a text with a code number to your phone after you change a password to prove it’s you, but even that method has proven vulnerable to attack.

What Duo does is send a message through its app to your phone asking if you are trying to sign on. You can approve if it’s you or deny if it’s not, and if you can’t get the message for some reason you can call instead to get approval. It can also verify the health of the app before granting access to a user. It’s a fairly painless and secure way to implement two-factor authentication, while making sure employees keep their software up-to-date.

Duo Approve/Deny tool in action on smartphone.

While Cisco’s security revenue accounted for a fraction of the company’s overall $12.8 billion for the quarter, the company clearly sees security as an area that could continue to grow.

Cisco hasn’t been shy about using its substantial cash holdings to expand in areas like security beyond pure networking hardware to provide a more diverse recurring revenue stream. The company currently has over $54 billion in cash on hand, according to Y Charts.

Cisco spent a fair amount money on Duo, which according to reports has $100 million in annual recurring revenue, a number that is expected to continue to grow substantially. It had raised over $121 million in venture investment since inception. In its last funding round in September 2017, the company raised $70 million on a valuation of $1.19 billion.

The acquisition price ended up more than doubling that valuation. That could be because it’s a security company with recurring revenue, and Cisco clearly wanted it badly as another piece in its security solutions portfolio, one it hopes can help keep pushing that security revenue needle ever higher.

Cisco is buying Duo Security for $2.35B in cash

Published August 2, 2018

Cisco today announced its intention to buy Ann Arbor, MI-based security firm, Duo Security. Under the terms of the agreement, Cisco is paying $2.35 billion in cash and assumed equity awards for Duo.

Duo Security was founded in 2010 by Dug Song and Jonathan Oberheide and went on to raise $121.M through several rounds of funding. The company has 700 employees with offices throughout the United States and in London, though the company has remained headquartered in Ann Arbor.

Co-founder and CEO Dug Song will continue leading Duo as its General Manager and will join Cisco’s Networking and Security business led by EVP and GM David Goeckeler. Cisco in a statement 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.

The acquisition feels like a good fit for Cisco. Duo’s security apparatus lets employees use their own device for adaptive authentication. Instead of issuing key fobs with security codes, Duo’s solution works securely with any device. And within Cisco’s environment, the technology should feel like a natural fit for CTOs looking for secure two-factor authentication.

“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.”

Over the last few years, Cisco has made several key acquisitions: OpenDNS, Sourcefire, Cloudlock, and now Duo. This latest deal is expected to close in the first quarter of Cisco’s fiscal year 2019.

Duo Security’s Dug Song On Company Priorities | Disrupt NY 2017

Meet 3 of our Disrupt NY Startup Spotlight companies: Duo Security, Lemonade, and Tala

Published April 5, 2017

Disrupt NY is right around the bend, and with it comes a brand new type of content: The Startup Spotlight.
Each of these companies will have a total of 15 minutes to tell their story, from origin to potential pivot to real solution, with all the highs and lows that come with it.
Today, I’m pleased to announce three of the companies we’re highlighting at the Disrupt NY Startup… Read More