德安华（Kroll）：2026年春季全球网络安全行业估值和并购交易报告（英文版）（12页）.pdf

1、Cybersecurity SectorSpring 2026Industry InsightsLearn more2Cybersecurity SectorCybersecurity SectorCybersecurity M&A activity remained healthy in Q1 2026,with 75 announced transactions,representing an annualized pace broadly consistent with 2025s record volume.Although disclosed deal value moderated

2、 to$2.2 billion following the outsized transactions seen in 2025,activity remained robust,with Check Point,Palo Alto Networks and CrowdStrike accounting for approximately$1.1 billion of aggregate value during the quarter.The market continued to be defined by steady mid-market activity,despite the ab

3、sence of transactions with a deal value of more than$1 billion.Buyer interest remained focused on technologies that strengthen broader platform capabilities and address the security demands created by artificial intelligence(AI)adoption,cloud complexity and expanding enterprise attack surfaces.Q1 tr

4、ansactions highlighted continued momentum in identity-centric security,AI-native endpoint protection,exposure management and AI data security,including CrowdStrike/SGNL.ai,Palo Alto Networks/Koi Security,Delinea/strongDM,Varonis/AllTrue.ai and Check Point/Cyclops Security.AI-related concerns hung ov

5、er public equity market investors,with the release of Anthropics Claude Code Security on February 20 prolonging the sell-off in cybersecurity shares.The upper quartile and median EV/NTM revenue multiples for Krolls cybersecurity index dropped 43%and 26%respectively relative to Q4 2025.Looking ahead,

6、we expect buyer interest to remain concentrated in segments aligned with platform consolidation and preemptive security architectures,particularly identity,AI-enabled security,exposure management and cloud security.M&A Industry Insights,Spring 2026Cybersecurity M&A Off to a Promising Start,Post a St