网络安全行业洞察

Summer 2026 Learn more Cybersecurity Sector M&A Industry Insights, Summer 2026 CybersecurityM&AactivitycontinuedinQ22026atasimilarcadenceandtempotothatsetinQ1,with78announcedtransactions,representinganannualizedpacebroadlyconsistentwith2025’srecordvolume.DiscloseddealvalueincreasedfromQ1,supportedlargelybyAccenture’s$3.2billionacquisitionofDragos,theonlyQ2transactionabove$1billion,whilethebroadermarketcontinuedtobecharacterizedbysteadymid-marketactivity. Strategicbuyer appetite remained concentrated around technologies that extend platform breadth,improve visibility across complex enterpriseenvironmentsandaddressemergingAI-drivensecurityrequirements.NotableQ2transactionsincludedAccenture/DragosandDragos/Phosphorus,Akamai/LayerXSecurity,andCisco/AstrixSecurity,highlightingcontinueddemandacrossoperationaltechnology(OT)/InternetofThings(IoT)security,browsersecurity,andnon-humanandagenticidentitysecurity. ValuationsignalswereconstructiveinQ2,withcybersecuritypublicmarketmultiplesreboundingfromQ1lowsasheightenedcyberthreatrisksandAI-relatedsecurityinvestmentsupportedimprovedsectorperformance.Themedianenterprisevalue/next12months(EV/NTM)revenuemultipleforKroll’scybersecurityindexincreased35%fromQ1to5.7x,whiletheupperandlower quartilemultiplesincreased 15%and36%,respectively.Transactionvaluationbenchmarksremainedhealthy,withcybersecuritysoftwaredealsannouncedsinceJanuary2025showingamedianEV/revenuemultipleof10.0x. Lookingahead,weexpectbuyerinteresttoremainfocusedonplatformconsolidationandsecurityarchitecturesalignedtoAIadoption,expandingidentitysurfaces,criticalinfrastructureprotectionandcloud/browser-centricenterpriseworkflows.Areassuchasidentitysecurity,non-humanidentityandAI-agentgovernance,OT/IoTcybersecurity,browsersecurity,exposuremanagement,andcloudsecurityarelikelytoremainactivethemesforstrategicacquirorsandfinancialsponsors. M&A 1H 26 Pace Consistent with 2025 on Deal Count But Tracking at Less than 20% of 2025 Pace on Deal Value, as Focus is on Small-Mid Cap Deals M&A 1H 26 Pace Consistent with 2025 on Deal Count But Tracking at Less than 20% of 2025 Pace on Deal Value, as Focus is on Small-Mid Cap Deals Largest Cybersecurity Acquisitions in Q2 2026 Mid-Market M&A Deals Dominated the Quarter with only 1 Deal Crossing the $1bn Mark Dragosprovidesoperationaltechnology(OT)cyberthreatintelligencesoftwareandservices for businesses globally.Its software provides features forvulnerabilitymanagement,asset identification,visibility and inventory,threatdetection,investigation and response,and ransomware detection.It alsoprovidesthreathunting,incidentresponseandassessmentservices. 492AccentureacquiredDragos,alongwithrunZeroandNetRise,tobuildaleadingend-to-end cybersecurity platform for critical infrastructure and industrialenvironments.TheseacquisitionsstrengthenAccenture’spositioninthefast-growingOT/extendedoperationaltechnology(xOT)cybersecuritymarketandhelpaddressrisingAI-drivenandgeopoliticalcyberthreats. Astrix Security provides cybersecurity software that discovers, governs andsecures AI agents and non-human identities across enterprise environments.Offerings provide visibility into service accounts, API keys, OAuth applications andAI agents, enabling organizations to manage access privileges, detect threats,enforce policies and reduce identity-related security risks. Cisco’s acquisition of Astrix Security strengthens its ability to secure non-humanidentities and AI agents, a growing attack surface as enterprises adopt AI-drivenworkflows. Astrix adds visibility, governance and threat detection for machineidentities, complementing Cisco’s Zero Trust strategy and enhancing protectionacross platforms such as Duo, Secure Access, Identity Intelligence and Splunk. Phosphorus provides IoT-based physical and mobile device security software forbusinesses globally. Its software provides features for asset discovery,vulnerability assessment, password and firmware management, and devicemonitoring. Precedent Transactions–Cybersecurity Software Software cybersecurity deals since Jan-25 have had median EV / revenue multiple of 10.0x Public Comparables–Cybersecurity Through the Cycle Median EV/NTM Revenue Multiple Increased 35% in Q2 2026 from Q1 2026, as heightened cyber threat risksprompted greater AI-related security investments, boosting sector performance Performance of Our Technology Investment Banking Practice Cybersecurity Index over the Past 3 Years Public Comparables–Benchmarking CrowdStrike and Cloudflare trading at highest revenue multiples of c. 32x and 30x respectively Public Comparables–Market Performance Nearly Half of Cybersecurity Public Companies Maintain Positive QoQ and LTM Stock Momentum, ReflectingContinued Sector Resilience 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 Cybersecurit