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1 correction found
after spending less than $14m of $119m raised ...
That math does not fit Cisco’s reported acquisition figures. Duo had raised $119M, but Cisco’s SEC filing says all three acquisitions it completed in that six-month period brought only about $85M of cash total, so Duo must have spent well over $14M before the sale.
Full reasoning
Duo itself announced in October 2017 that its total funding was $119 million.
Cisco’s SEC filing for the period that included the Duo acquisition says Cisco completed three acquisitions in the first six months of fiscal 2019, including Duo, and that the total cash and cash equivalents acquired from these acquisitions was approximately $85 million.
That means Duo alone could not have brought more than $85 million of cash into the transaction, because the $85 million figure includes Duo plus two other acquired companies. If Duo had raised $119 million in total, then at least $34 million of that funding was no longer sitting as cash at acquisition time ($119M - $85M = $34M), even under the most generous possible reading.
So the statement that Duo was acquired "after spending less than $14m of $119m raised" is inconsistent with Cisco’s own SEC-reported numbers. The available primary-source figures imply that Duo had spent or otherwise no longer held substantially more than $14 million by the time Cisco acquired it.
2 sources
- Duo Security Raises $70 Million, Earning Valuation of More than $1 Billion
Duo now ranks among the world's most valuable private SaaS companies with total funding of $119 million, and a company post-money valuation of $1.17 billion.
- Cisco Systems, Inc. — Acquisitions and Divestitures (SEC filing)
We completed three acquisitions during the first six months of fiscal 2019... On September 28, 2018, we completed our acquisition of privately held Duo Security, Inc. ... The total cash and cash equivalents acquired from these acquisitions was approximately $85 million.