Cisco has agreed to buy Duo Security, an Alphabet and Workday-backed user authentication platform that was valued at $1.7bn as of October.

Networking equipment manufacturer Cisco agreed yesterday to acquire Duo Security, a US-based authentication software provider backed by human resources software producer Workday and internet and technology conglomerate Alphabet.

Cisco will pay $2.35bn in cash and assumed equity awards for Duo’s outstanding shares, warrants and equity incentives on a fully-diluted basis. The deal is expected to close by the end of October 2018.

Founded in 2009, Duo Security operates a cloud-based user verification platform that uses two-factor authentication, where a user…