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

House Judiciary Committee releases transcript of Geoffrey Berman testimony

Geoffrey Berman. Photo: Alex Wong/Getty Images

The House Judiciary Committee on Monday released the transcript of its closed-door interview with Geoffrey Berman, the former top federal prosecutor in Manhattan who was forced out by Attorney General Bill Barr last month.

Why it matters: House Democrats have seized on Berman's testimony, in which he claimed the attorney general sought to "entice" him into resigning so that he could be replaced by SEC chairman Jay Clayton, to bolster allegations that the Justice Department has been politicized under Barr.

The nationwide K-12 tipping point

Photo: Karen Ducey/Getty Images

The doors of public schools are swiftly slamming shut for many Americans ahead of this next school year.

Driving the news: Los Angeles and San Diego are starting out online-only this fall, forcing 825,000 students to learn with a laptop.

Updated 50 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 5 p.m. ET: 12,995,037 — Total deaths: 570,435 — Total recoveries — 7,157,634Map.
  2. U.S.: Total confirmed cases as of 5 p.m. ET: 3,341,838— Total deaths: 135,425 — Total recoveries: 1,006,326 — Total tested: 40,282,176Map.
  3. World: WHO head: There will be no return to the "old normal" for the foreseeable future — Hong Kong Disneyland closing due to surge.
  4. States: California orders sweeping rollback of open businesses as virus cases surge — Cuomo says New York will use formula to determine if reopening schools is safe.
  5. Politics: McEnany denies White House issued "opposition research" on Fauci.