1、Q1 2026Cybersecurity Quarterly UpdateGlobal Cybersecurity Team2Keith SkirbeManaging DirectorSan FranciscoMark SmithManaging DirectorU.K.Joseph MillerVice PresidentSan FranciscoGabrielle WorrallVice PresidentU.K.Ben Levett-DunnAssociateNew YorkJared FelittoFinancial AnalystNew YorkMichael McGuireFina

2、ncial AnalystNew YorkCraig RogowskiManaging DirectorInfrastructureSoftwareAndrew AthertonManaging DirectorGRCRaymond FrjdManaging DirectorTechSameer JindalManaging DirectorTechSascha PfeifferGlobal Head of TechnologyMunichRyan LundGlobal Co-Head of SoftwareMiamiGlobal CyberTeamSenior LeadershipTech

3、Reach01PerspectivesFrom the Front502Capital Markets and Trends Update1603Conferences and Events2504About Houlihan Lokey3105Appendix39Inside the Report3Sources:Pitchbook and company website.Dragos Acquires Phosphorus to Bring OT-Native Cybersecurity to the Full xOT EnvironmentHoulihan Lokey Acted as

4、the Exclusive Financial Advisor to Phosphorus on Its Sale to DragosOn June 1,2026,Dragos announced the acquisition of Phosphorus,extending its platform to secure connected devices across the full xOT environment.This extends Dragos from OT/ICS into the full xOT landscape.There are billions of connec

5、ted devices(IoT,OT,IIoT,IoMT)that existing security programs cannot see,creating a unified CPS protection platform.Dragos estimates its TAM opportunity at more than$50 billion following the deal,adding the vast xIoT device management market to its core OT cybersecurity addressable market.Cameras,sen

6、sors,badge readers,HVAC,and other connected devices often sit outside established OT security programs.Phosphorus directly addresses this blind spot across power,pipelines,manufacturing,and data centers.Selected Transaction Commentary“We built Phosphorus to solve the connected device problemthe unma