KROLL-网络安全软件行业（英）

Summer 2025Cybersecurity Software SectorM&A Industry Insights2Cybersecurity Software SectorCybersecurity deal activity continued to accelerate in Q2 2025, building on the strong start to the year. At the mid-year point, annualized deal volume is on track to exceed 200 transactions for the first time. The quarter was dominated by mid-market activity, with only Proofpoint’s acquisition of Hornet Security approaching the $1 billion mark.A key theme was the growing emphasis on AI, with buyers seeking to embed generative AI and agentic automation into threat detection, triage and response—highlighted by F5’s acquisition of Fletch and Snyk’s acquisition of Invariant Labs. Cloud security remained a priority, sustaining strong demand for well-positioned cloud-native application protection platforms (CNAPP) and data security posture management (DSPM) assets. Identity management also returned to focus, driven by the rise of nonhuman AI agents and the growing need for automated identity controls. Radiant Logic’s investment from Ridgeview Partners and Cyera’s acquisition of Otterize illustrate this trend. Other themes included the rising complexity of threat environments, which is fueling investment in exposure management, as well as growing regulatory pressure and enterprise demand for integrated, AI-enabled platforms.Regulatory tailwinds—including the SEC’s cyber disclosure rules, the Digital Operational Resilience Act (DORA) in the EU, and the UK’s Cyber Security & Resilience Bill (enacted in April)—are increasingly shaping M&A activity. Buyers are prioritizing governance, risk and compliance solutions, with a particular focus on automation of audit, reporting and third-party risk workflows. Kiteworks’ acquisition of Zivver, a provider of encrypted communications and compliance tools, is a notable example.Looking ahead to the second half of 2025, we expect continued M&A activity in these areas, alongside growing interest in insider risk management, while the trend toward platform consolidation—as enterprises look to reduce vendor complexity—will likely also continue to drive M&A.In public markets, Q2 saw a widening performance gap between leading cybersecurity platforms—such as Cloudflare, CrowdStrike, Palo Alto Networks and Zscaler—and the broader sector. The top quartile traded at a median EV/NTM revenue multiple of 13.0x, compared to 6.1x for the broader peer set—a spread of over 6.9x. Investors are rewarding scale and balance sheet strength, under the assumption that the AI investment surge and ongoing security arms race will favor the largest, best-capitalized vendors. M&A Industry Insights, Summer 20253M&A Industry InsightsH1 2025 Cybersecurity Software M&A 4Deal value in H1 2025 already in line with total deal value in 2024, boosted by Google’s record acquisition of WizGlobal M&A activity in cybersecurity software Source: 451 Research, Jan-15 to Jun-25$8.7bn$18.6bn$13.3bn$14.7bn$23.6bn$19.2bn$75.2bn$33.6bn$40.6bn$34.4bn$34.0bn1179710010811413618417