January 15, 2026 – Solganick has published its latest mergers and acquisitions (M&A) update report on the Cybersecurity industry sector. The report covers the latest M&A transactions, valuations, and trends in the sector.
You can download the report here: Solganick Cybersecurity M&A Update – Q4 2025
Here are the highlights of the report:
- In Q4 2025, M&A transaction activity for cybersecurity companies totaled 105 deals, compared to the previous quarter (111) and same period last year (123). The quarter started strongly in October, but deal volume moderated in November and December.
- Strategic and financial buyers executed several major transactions in Q4 2025, including deals such as ServiceNow / Armis ($7.75B), Palo Alto Networks / Chronosphere ($3.35B), Jamf / Francisco Partners ($2.2B), and Veeam / Securiti AI ($1.725B).
- Risk Management and Identity constituted the largest sub-sectors of M&A activity, followed by Infrastructure and Security Operations. Strategic buyers strongly focused on addressing the critical security and compliance challenges from AI adoption, with the need for greater observability, automation and unified security posture.
- Total funding for cybersecurity vendors reached $13.97 billion in 2025, up 47% from $9.5 billion in 2024. Total funding rounds reached 392 in 2025, up 30% from 304 in 2024. The significant rebound in funding activity reflected investor focus on vendors with strong technical capabilities, operational focus, and positioning aligned with buyers’ priorities.
- Valuation multiples for publicly traded cybersecurity companies ranged from a median of 8.6x EV/2026E revenue for high-growth vendors (those growing more than 20%) to a median of 4.2x EV/2026E revenue for low-growth vendors (those growing less than 10%).
Cybersecurity M&A Transactions Announced, Q4 2025 (Selected)
| Announced Date | Target | Acquirer | Buyer Type | Sector | Transaction Size ($MM) | Target Description | |||
| Dec-25 | Armis | ServiceNow | Strategic | Infrastructure | $7,750 | Developer of an asset intelligence cybersecurity platform designed to manage cyber risk exposure and protect the entire attack surface. | |||
| Dec-25 | Cycuity | Arteris IP | Strategic | Infrastructure | $45 | Developer of proprietary security verification software designed to analyze the properties in hardware designs and maintain chip-level system security. | |||
| Dec-25 | Tromzo | Checkmarx | Strategic | Application | Developer of an application security management platform designed for modern security teams. | ||||
| Dec-25 | Veza | ServiceNow | Strategic | Identity | $1,000 | Developer of an identity security platform designed to secure access across the enterprise and provide visibility and control of permissions. | |||
| Nov-25 | ChronoSphere | Palo Alto Networks | Strategic | Infrastructure | $3,350 | Developer of a scalable cloud-native monitoring tool designed to eliminate the cognitive load of monitoring infrastructure and tracking data locality. | |||
| Nov-25 | Balbix | Safe | Strategic | Risk Management | Developer of an AI-powered cybersecurity platform designed to assess and manage cyber risks for organizations. | ||||
| Nov-25 | Cyber Solve | Hexaware | Strategic | Identity | $66 | Provider of cybersecurity services catering to businesses, institutions, and governments facing challenges and cyber threats. | |||
| Oct-25 | Keyless | Ping Identity | Strategic | Identity | Developer of a passwordless authentication platform designed for privacy-preserving biometrics for consumers and workforce authentication. | ||||
| Oct-25 | Stytch | Twilio | Strategic | Identity | Developer of an authentication software designed to offer an authentication infrastructure with a flexible application programming interface-first approach. | ||||
| Oct-25 | Jamf | Francisco Partners | Financial | Infrastructure | $2,200 | Jamf is the standard in Apple Enterprise Management, and its cloud software platform is the vertically focused Apple infrastructure and security platform. | |||
| Oct-25 | Securiti | Veeam | Strategic | Data Protection | $1,725 | Developer of privacy management software designed for data security, privacy, governance, and compliance in one place. | |||
| Oct-25 | ThreatConnect | Dataminr | Strategic | Risk Management | $290 | Developer of threat intelligence software intended to provide real-time insights to security leaders to make business decisions. | |||
| Oct-25 | Sekuro | Insight | Strategic | Security Services | Provider of end-to-end security, governance and cybersecurity services intended for enterprises and governments. | ||||
| Oct-25 | Cybereason | LevelBlue | Strategic | Security Operations | Developer of an endpoint detection and cybersecurity platform designed to protect companies from advanced cyber attacks. | ||||
| Oct-25 | TrustArc | Main Capital Partners | Financial | Risk Management | Developer of a cloud-based data privacy management software designed to facilitate privacy compliance and risk management. | ||||
| Oct-25 | SecurityRisk Advisors | Recognize | Financial | Security Services | Provider of cybersecurity services and platforms intended for threat resilience and operational efficiency. | ||||
| Oct-25 | Intragen | Nomios | Strategic | Identity | Provider of Identity and Access Management (IAM) advisory, integration, and managed services designed to accelerate IAM transformation. | ||||
| Oct-25 | Inky | Kaseya | Strategic | Infrastructure | Developer of an AI-based anti-phishing platform designed to track and block unusual or suspicious threats. | ||||
| Oct-25 | HBS | GenNx360 | Financial | Security Services | Provider of information technology services intended for business automation and networking. | ||||
| Oct-25 | SilverEdge | SAIC | Strategic | Security Services | $205 | Provider of cyber security, information technology, intelligence analysis, and a software suite intended for the defense and intelligence communities. |
About Solganick
Solganick is a data-driven investment bank and M&A advisory firm focused exclusively on software and technology services companies. Its cybersecurity industry practice is one of its fastest growing sectors, growing along side its clients.
For more information, please contact Michael Kim, Managing Director – Cybersecurity M&A at [email protected]