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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

Updated 20 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Coronavirus deaths reach 4,000 per day as hospitals remain in crisis mode — CDC warns highly transmissible coronavirus variant could become dominant in U.S. in March.
  2. Politics: Biden says, "We will manage the hell out of" vaccine distribution — Biden taps ex-FDA chief to lead Operation Warp Speed amid rollout of COVID plan — Widow of GOP congressman-elect who died of COVID-19 will run to fill his seat.
  3. Vaccine: Battling Black mistrust of the vaccines"Pharmacy deserts" could become vaccine deserts — Instacart to give $25 to shoppers who get vaccine.
  4. Economy: Unemployment filings explode againFed chair: No interest rate hike coming any time soon —  Inflation rose more than expected in December.
  5. World: WHO team arrives in China to investigate pandemic origins.

NRA declares bankruptcy, says it will reincorporate in Texas

Wayne LaPierre of the National Rifle Association (NRA) speaks during CPAC in 2016. Photo: Saul Loeb/AFP via Getty Images

The National Rifle Association said Friday it has filed for Chapter 11 bankruptcy and will seek to reincorporate in Texas, calling New York, where it is currently registered, a "toxic political environment."

The big picture: The move comes just months after New York Attorney General Letitia James filed a lawsuit to dissolve the NRA, alleging the group committed fraud by diverting roughly $64 million in charitable donations over three years to support reckless spending by its executives.

2 hours ago - Politics & Policy

Biden: "We will manage the hell out of" vaccine distribution

Joe Biden. Photo: Chip Somodevilla / Getty Images

President-elect Joe Biden promised to invoke the Defense Production Act to increase vaccine manufacturing, as he outlined a five-point plan to administer 100 million COVID-19 vaccinations in the first months of his presidency.

Why it matters: With the Center for Disease Control and Prevention warning of a more contagious variant of the coronavirus, Biden is trying to establish how he’ll approach the pandemic differently than President Trump.