德安华（Kroll）：2026年冬季全球网络安全软件行业估值和并购交易报告（英文版）（13页）.pdf

1、Winter 2026CybersecuritySectorM&A Industry Insights2Cybersecurity SectorCybersecurity M&A activity surged in 2025,representing a new yearly high for both deal volume(with 303 announced transactions)and value at$78.8 billion.Q4 saw several$1 billion-plus transactions,including investments from Palo A

2、lto Networks,ServiceNow,Francisco Partners and Veeam,across segments including observability,exposure management,endpoint protection and data protection.The breadth of buyer interest in the quarter was notable,spanning financial and strategic as well as non-cybersecurity buyers.A key feature of the

3、2025 resurgence in cybersecurity deal-making has been the increasing activity of non-cybersecurity buyers.Technology providers across the board are responding to their customer demands by establishing or bolstering security divisions,including in 2025 with Mitsubishis acquisition of Nozomi Networks,

4、ServiceNows acquisitions of Armis and Veza,and Twilios acquisition of Stych,and in 2024 with MasterCards acquisition of Recorded Future.Sectors in focus throughout 2025 included risk management and compliance,with market tailwinds such as tightening regulation,rising cyber and operational risk,and a

5、 shift to AI-enabled tooling to reduce manual compliance costs.Identity management deals also surged in 2025,driven by the emergence of identity as a primary attack vector,the need for foundational controls for cloud transitions,and the need to manage agentic and machine identities.AI security conti

6、nued to drive activity in Q4 2025,with Zscaler picking up SPLX for AI asset discovery and management as just one example.In public markets,Q4 saw continued downward pressure on share prices,with the top quartile for EV/next twelve months revenue multiples continuing to trade down from 10.7x to 9.5x