Duo Security Isn’t The Only Startup Cisco Has Acquired For Billions

If a late-stage startup is looking for an exit, it may find it in the arms of Cisco. As TechCrunch reported, Cisco, an enterprise software and hardware company, is acquiring Duo Security, an enterprise security company, for $2.35 billion. It’s a significant sum, but Cisco is no stranger to making bold bets through acquisitions.

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According to Crunchbase, Cisco has acquired over 200 startups. Of that cohort, Crunchbase has recorded sixteen known startups that were acquired by the well-known Silicon Valley giant for $1 billion or more. On just these 16 deals, Cisco spent over $55 billion. So why is Cisco so willing to acquire talent and software? It’s built into the company’s DNA.

Last year, Hilton Romanski, Cisco’s chief strategy officer, explained the company’s acquisition strategy. Romanski wrote that “acquisitions have helped us learn and evolve Cisco’s business model while helping to scale and enhance the value proposition of our Core business.” And nearly a quarter of Cisco’s workforce, according to the same article, is a result of acquisitions.

Presumably, Duo Security will fit well into Cisco’s portfolio of companies. And in light of just how many unicorns there are and the increase of supergiant rounds, investors are likely hoping Cisco keeps acquisitions as a core part of its strategy.