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Cybersecurity M&A: 2025's record year and the 2026 megadeals
Cybersecurity M&A hit $96.1 billion in 2025, and Wiz, CyberArk and Armis closed in 2026. The numbers, the buyers' theses and what to expect next.
Cybersecurity M&A had its biggest year ever by value in 2025, and in 2026 the large announced deals began to close. Momentum Cyber counts $96.1 billion across 400 transactions in 2025, revised from a preliminary $102 billion. SecurityWeek tallied more than $84 billion in over 420 deals, with eight above $1 billion (SecurityWeek).
The series
| Year | M&A deals | Value ($bn) | Financing ($bn) |
|---|---|---|---|
| 2022 | 277 | 51.5 | 21.2 |
| 2023 | 276 | 48.0 | 11.1 |
| 2024 | 329 | 25.9 | 13.6 |
| 2025 | 400 | 96.1 | 20.7 |
| H1 2026 | 219 | 9.1 | 7.5 |
Three megadeals closed in 2026
- Google–Wiz, $32 billion in cash, closed March 11, 2026, Google's largest acquisition ever (CoinCentral); the breakup fee would have been $3.2 billion (Acquiry).
- Palo Alto Networks–CyberArk, about $25 billion, closed February 11, 2026: $45 in cash plus 2.2005 PANW shares per CyberArk share (SEC 8-K).
- ServiceNow–Armis, $7.75 billion in cash, closed around April 20, 2026; Armis had ARR above $340 million (Help Net Security).
2026: many deals, little announced value
Closings of 2025 deals do not count as 2026 value, so H1 2026 shows only $9.1 billion, even as its 219 deals set a half-year count record (Momentum Cyber). Notable 2026 announcements: Accenture buying Dragos, runZero and NetRise for a $4.175 billion EV (Help Net Security); Visa–BioCatch for $2.4 billion (Nasdaq); Zurich–Beazley for about $11 billion (SecurityWeek); and CrowdStrike's SGNL ($740 million) and Seraphic ($420 million).
Buyer theses and venture capital
Recurring themes: AI and agent security, identity, OT/IoT, payments fraud (Mastercard–Recorded Future, Visa–Featurespace) and insurers moving into cyber. Venture funding reached $18 billion in 2025 (+26%) (Crunchbase), then $10.6 billion in H1 2026 and $6.8 billion in Q3 (Crunchbase; Value Add VC).
Momentum Cyber's annualized projection for 2026 M&A value is $18.2 billion, well below 2025 barring a new megadeal.
Source
- Momentum Cyber: Cybersecurity Market Review H1 2026 (PDF)
- Momentum Cyber: mid-year 2026 review
- SecurityWeek: 8 cybersecurity acquisitions surpassed $1 billion in 2025
- CoinCentral: Alphabet completes $32B purchase of Wiz
- SEC 8-K: Palo Alto Networks completes CyberArk acquisition
- Help Net Security: ServiceNow to acquire Armis
- Help Net Security: Accenture acquires Dragos, runZero and NetRise
- Nasdaq: Visa to acquire BioCatch
- Crunchbase News: cybersecurity VC 2025
- Crunchbase News: cybersecurity funding H1 2026
- Value Add VC: cybersecurity Q3 2026 funding
- Pulse2: Palo Alto Networks Q4 FY26 results
- CrowdStrike IR: Q4 and fiscal year 2026 results
- Acquiry: Google–Wiz deal analysis
- SecurityWeek: M&A roundup, March 2026