网络安全行业：行业洞察

Spring 2026 Learn more Cybersecurity Sector M&A Industry Insights, Spring 2026 CybersecurityM&AactivityremainedhealthyinQ12026,with75announcedtransactions,representinganannualizedpacebroadlyconsistentwith2025’srecordvolume.Althoughdiscloseddealvaluemoderatedto$2.2billionfollowingtheoutsizedtransactionsseenin2025,activityremainedrobust,withCheckPoint,PaloAltoNetworksandCrowdStrikeaccountingforapproximately$1.1billionofaggregatevalueduringthequarter.Themarketcontinuedtobedefinedbysteadymid-marketactivity,despitetheabsenceoftransactionswithadealvalueofmorethan$1billion. Buyerinterestremainedfocusedontechnologiesthatstrengthenbroaderplatformcapabilitiesandaddressthesecuritydemandscreatedbyartificialintelligence(AI)adoption,cloudcomplexityandexpandingenterpriseattacksurfaces.Q1transactionshighlightedcontinuedmomentuminidentity-centricsecurity,AI-nativeendpointprotection,exposuremanagementandAIdatasecurity,includingCrowdStrike/SGNL.ai,PaloAltoNetworks/KoiSecurity,Delinea/strongDM,Varonis/AllTrue.aiandCheckPoint/CyclopsSecurity. AI-relatedconcernshungoverpublicequitymarketinvestors,withthereleaseofAnthropic’sClaudeCodeSecurityonFebruary20prolongingthesell-offin cybersecurity shares.The upper quartile and median EV/NTM revenue multiples for Kroll’s cybersecurity index dropped 43%and 26%respectivelyrelativetoQ42025. Lookingahead,weexpectbuyerinteresttoremainconcentratedinsegmentsalignedwithplatformconsolidationandpreemptivesecurityarchitectures,particularlyidentity,AI-enabledsecurity,exposuremanagementandcloudsecurity. Cybersecurity M&A Off to a Promising Start, Post a Strong 2025 Pace of Deal Activity on Track with 2025 but with a Focus on the Lower Mid-Market as No Deal Above $1 billion Largest Cybersecurity Acquisitions in Q1 2026 Mid-Market M&A Deals Dominated the Quarter SGNL.aiprovidesAI-basedcontinuousidentitysecurityandaccessmanagementsoftwareforbusinessesintheU.S.Softwareprovidesfeaturesforpolicy-basedaccesscontrol,cloud infrastructure protection,identity governance and riskassessment. Precedent Transactions–Cybersecurity Software Software cybersecurity deals since Jan-24 have had median EV / revenue multiple of 9.8x Public Comparables–Cybersecurity Through the Cycle Median EV/NTM Revenue Multiple Declined 26% in Q1 2026 from Q4 2025, as AI-Related Concerns Weighed Heavily Performance of Our Technology Investment Banking Practice Cybersecurity Index over the Past 3 Years Public Comparables–Benchmarking Cloudflare and CrowdStrike trading at highest revenue multiples of c. 25x and 16x respectively Public Comparables–Market Performance Only Akamai, Cloudflare, F5 and Radware Showing Positive QoQ and LTM Stock Momentum in Q1 2026 Top Strategic Acquirors of Cybersecurity Software Most active strategic acquirors of cybersecurity software businesses Cybersecurity Software Ecosystem Selected Kroll tracked cybersecurity software universe Cybersecurity Market Overview Cybersecurity represents a large more than $200 billion market Market trends From Data Explosion to Risk-Prioritized Intelligence Security teams are moving away from managing ever-growing volumes of data toward risk-based dataprioritization. AI-driven analytics, automated triage and continuous threat exposure management (CTEM)enable organizations to focus on the smallest set of exposures that matter most, reducing noise whileimproving detection speed and decision quality. Increasing Sophistication of Threat Actors Threat actors are increasingly leveraging automation, AI and multistage attack techniques to execute moretargeted, persistent and evasive campaigns. As adversaries adopt capabilities once reserved for advancedteams, organizations must evolve beyond static controls toward adaptive, intelligence-led and AI-enabledsecurity defenses. Platformization of Cloud Security to Manage Infrastructure Complexity InformationSecurity Spending by Subsegment:2025-2030 As cloud environments grow more complex, organizations are prioritizing investments in integrated,cloud-native security platforms that reduce tool fragmentation, optimize costs and improve operationalefficiency. This is driving increased adoption of frameworks such as Security Service Edge (SSE) andgreater investment in scalable, centralized cloud security capabilities. From Threat Management to Risk Management Security leaders are transitioning from reactive threat management to business-aligned risk management.This approach prioritizes threats based on their potential impact on assets, operations and objectives,enabling more informed investment decisions and alignment between cybersecurity and risk governance. Consolidation of Vendors and Tech Stacks Layered infrastructure security stacks are increasing the challenges of security configuration management,leaving organizations with security control gaps. Platforms with modular sets of integrated securityproduct capabilities are increasingly in demand, leading to consolidation between security vendors, withla