Cisco Systems Inc. (Nasdaq: CSCO) is buying cybersecurity firm Duo Security for $2.35 billion. Duo's cloud-based software verifies the identity of users and the health of their devices before granting them access to applications, helping prevent breaches and account takeover. Duo lists Facebook Inc. (Nasdaq: FB), Yelp Inc. (NYSE: YELP), and Zillow Group Inc. (Nasdaq: ZG) among its customers. "When we started Duo, the security industry was badly broken," says Duo CEO Dug Song in a blog posted on the company's website. "Users were blamed and victims were shamed for what were really design failures in IT – or worse, vendors spent more time admiring attackers versus defeating them. The complexity of security products often introduced more problems than they solved, and for every dollar of product, twice as many dollars were spent on services to support them." Cisco CEO Chuck Robbins has embarked on a spree of acquisitions in recent years, responding to changes sweeping through the networking industry that have threatened growth in Cisco’s main equipment business. As customers shift purchases toward software and services, he’s bulked up in businesses like network security and programs that manage connected gadgets. "Acquisitions have long played a key role in Cisco’s build, buy, partner, invest and co-develop innovation strategy," says Cisco vice president of corporate development Rob Salvagno in a company blog post. "They help position us to enter new growth markets and extend our leadership in priority areas such as security." Read the full story from Bloomberg News.

Apple Inc. (Nasdaq: AAPL) became the first American public company to hit $1 trillion in value, passing $207.04 a share on the morning of Aug. 2, thanks to strong sales of the iPhone 8 and X in Asia. In 2017, Apple bought IPhone parts maker Finisar Corp. for $390 million and music identification service Shazam.

Deal news
Roark Capital-backed Focus Brands is purchasing Jamba Juice owner Jamba Inc. (Nasdaq: JMBA) for about $200 million. Jamba Juice operates more than 800 smoothies and juice stores worldwide. “Over the last few years, we have worked hard to strengthen our foundation and reposition this iconic brand for the future," says Jamba Juice CEO Dave Pace. "Partnering with Focus Brands will allow us to build on this work and further accelerate the company’s growth.” Currently ranked the ninth tennis player in the world by the WTA, Venus Williams owns a handful of Jamba Juice smoothie makers in the Washington, D.C. area. Check out our slideshow on athletes who invest in food and restaurants: Danica Patrick, LeBron James, Serena Williams invest in food & wine.

Focus brands owns a number of restaurant chains including Auntie Anne's, Carvel, Cinnabon and Moe's Southwest Grill. North Point Advisors and DLA Piper are advising Jamba. Paul, Weiss, Rifkind, Wharton & Garrison LLP is advising Focus Brands.

Atlantic Street Capital-backed Lombart Instrument has purchased Enhanced Medical Services, a distributor of pre-owned eye care equipment. Atlantic Street purchased Lombart in 2016.

Genstar Capital has acquired auto parts supplier BBB Industries. BBB offers starters, alternators, steering and brake parts to vehicle owners, technicians and dealers. UBS Investment Bank and Latham & Watkins advised Genstar.

Hidden Harbor Capital Partners is buying circuit board maker Masterwork Electronics. The target serves the industrials hardware, payment processing and telecom sectors. Lincoln International and Configure Partners are advising Hidden Harbor. B. Riley FBR is advising Masterwork. Silver Point Capital is providing financing.

Lincare Holdings, a subsidiary of Germany's Linde AG, has bought Specialized Medical Services from the Riverside Co. SMS is a provider of respiratory equipment to nursing homes and other long-term healthcare facilities. Lincoln International, Deloitte and Jones Day advised Riverside.

TSG Consumer Partners-backed Duckhorn Wine Co. has completed its acquisition of Pinot Noir winery Kosta Browne. Houlihan Lokey Inc. (NYSE: HLI) and Ropes & Gray advised Duckhorn.

People Moves
Jonathan Melmed was hired by King & Spalding as a partner and co-chair of the firm's global private equity practice and head of its U.S. power and infrastructure group. Melmed was previously with Morrison & Foerster.

John Warner has joined private investment firm Gridiron Capital as a managing director, where he will be will sourcing and evaluating potential investment opportunities, and perform due diligence. Warner was most recently with CCMP Capital.

Fetaured Content
Exponent, a new group of women dealmakers, brought together 200 women from private equity funds, investment banks, entrepreneurs and advisors for the Exponent Exchange, featuring Sallie Krawcheck as the keynote speaker. Previously the CEO of Wall Streetbanks, including Merrill Lynch Wealth Management and Citi Private Bank, Krawcheck serves as the CEO of Ellevest, an online investing platform for women. Mergers & Acquisitionsparticipated in the event as an in-kind sponsor, and editor-in-chief Mary Kathleen Flynnmoderated Spotlight Panel, From Startups to Showtime: Investment Case Studies. Check out our slideshow, Exponent drew 200 women dealmakers to event featuring Sallie Krawcheck.

Mergers & Acquisitions has announced the Rising Stars of Private Equity. These 11 up-and-coming investors are expected to play significant leadership roles in the future. Congratulations to:
Daniel Hopkin, Partner, Kainos Capital
John Kos, Principal, GTCR
Erik Latterell, Director, Stone Arch Capital
Ethan Liebermann, Principal, TA Associates
Jaime McKenzie, Director, Monomoy Capital
Jennifer Roach, Vice President, Yellow Wood Partners
Joseph Rondinelli, Principal, Frontenac
David Shainberg, Vice President, Balmoral
Tom Smithburg, Vice President, Shore Capital Partners
Nicholas Stone, Managing Director, Cyprium Partners
Afaf Ibraheem Warren, Senior Associate, Siris Capital
For profiles of the emerging leaders, see Meet Mergers & Acquisitions' 11 Rising Stars of Private Equity.

Summer reading list: From stories of star athletes Arnold Palmer, Keith Hernandez and Tiger Woods to advice from entrepreneurs Bridgewater AssociatesRay Dalio, KPCB’s John Doerr, Nike’s Phil Knight and Brava Investments’ Nathalie Molina Niño, plus strategies to help business leaders in general, and female dealmakers in particular, the 15 books on Mergers & Acquisitions’ list entertain, instruct and inspire. Check out our listicle: Dealmaker’s guide to summer reading: 15 new books.

Demitri Diakantonis

Demitri Diakantonis

Demitri Diakantonis joined SourceMedia in 2015 and serves as Managing Editor of Mergers & Acquisitions. He covers all aspects of middle-market deamaking, with a focus on strategic buyers and the consumer and retail sectors, and writes The Buyside column.
Mary Kathleen Flynn

Mary Kathleen Flynn

Mary Kathleen Flynn joined SourceMedia in 2011, serving as the Editor-in-Chief of Mergers & Acquisitions. MK oversees the brand’s content on all media platforms, including website, e-newsletters, video, slideshows, podcasts and print.