Illustration: Sarah Grillo/Axios

Cisco Systems just announced that it will buy Duo Security, an Ann Arbor, Mich.-based provider of access security and multi-factor authentication software, for $2.35 billion in cash.

The big picture: This comes less than 24 hours after Reddit disclosed that its own two-factor authentication solution failed, because hackers intercepted some mobile text messages that contained verification codes.

  • Duo had raised around $120 million in VC funding, most recently at a $1.2 billion valuation, from firms like Benchmark, Meritech, Lead Edge Capital, Cisco, Workday, Redpoint Ventures, Geodesic Capital, Index Ventures and True Ventures.

Between the lines: Duo's solution begins with 2FA, but goes deeper. One of the current hip phrases in security is Zero Trust, where you continually reevaluate anything connected to a network before allowing it to do anything new.

  • Duo is in that space. So rather than trust any computer that logs into a network to access anything on the network, you continually make sure the things that are logged on are supposed to be there.

Go deeper

Trump commutes Roger Stone's sentence

Roger Stone arriving at his sentencing hearing on Feb. 20. Photo: Drew Angerer/Getty Images

President Trump on Friday evening commuted the sentence of his longtime associate Roger Stone, according to two senior administration officials. Stone in February was sentenced to 40 months in prison for crimes including obstruction, witness tampering and making false statements to Congress.

Why it matters: The controversial move brings an abrupt end to the possibility of Stone spending time behind bars. He had been scheduled to report to prison on July 14.

Updated 9 hours ago - Health

Which states have set single-day coronavirus records this week

Data: COVID Tracking Project and state health department data compiled by Axios; Map: Danielle Alberti and Naema Ahmed/Axios

13 states this week surpassed records set just last week for their highest number of coronavirus infections in a single day, according to the COVID Tracking Project and state health department data. 16 states in total reported new highs.

The big picture: The United States' alarming rise in coronavirus cases isn't just due to increased testing — particularly where the number of cases has grown fastest over the last month, Axios' Andrew Witherspoon and Caitlin Owens report.

Updated 9 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 6:30 p.m. ET: 12,389,660 — Total deaths: 557,279 — Total recoveries — 6,830,596Map.
  2. U.S.: Total confirmed cases as of 6:30 p.m. ET: 3,169,611 — Total deaths: 133,885 — Total recoveries: 983,185 — Total tested: 38,856,341Map.
  3. Public health: The reality of the coronavirus bites.
  4. Trade: Trump says he's no longer considering phase-two trade deal with China because the pandemic damaged the two countries' relationship.
  5. 🎧 Podcast: Rural America has its own coronavirus problem.