Merger and acquisition (M&A) transactions in the cybersecurity market continued to flow in May and June 2024 following numerous transactions worth billions of dollars earlier this year.
Several well-known companies have expanded their cybersecurity presence and offerings during the past two months, and private equity companies have continued their growing involvement in the sector.
Here is a list of some of the biggest cybersecurity deals from May and June 2024.
Synopsys to Sell Software Integrity Business
Synopsis has entered into a definitive agreement to sell its Software Integrity Group business to two private equity firms – Clearlake Capital Group and Francisco Partners. The transaction, announced on May 6, has a total value of up to $2.1bn. Upon completion, the Software Integrity Group business will emerge as a newly independent application security testing software provider.
Akamai Enters Definitive Agreement to Acquire Noname
On May 7, cloud security firm Akamai announced its intent to acquire Noname Security, an API security specialist. Akamai aims to ensure it can meet growing consumer demands as the use of APIs continues to expand through the acquisition. The deal is worth approximately $450m after customary purchase price adjustments.
ZeroFox Sold to Private Equity Giant
Software as a Service (SaaS) firm ZeroFox announced the completion of its acquisition by tech focused private equity firm Haveli Investments on May 13. Haveli will now provide strategic support, guidance and capital to help ZeroFox expand its global footprint. Upon completion of the transaction, ZeroFox stockholders will receive $1.14 per share in cash.
Palo Alto Unveils Partnership and Acquisition Deal with IBM
On May 15, Palo Alto Networks and IBM announced a wide-ranging partnership. The agreement means Palo Alto will be IBM’s preferred cybersecurity partner across network, cloud and SOC, and the companies will jointly provide AI-powered security offerings. In addition, Palo Alto has agreed to acquire IBM's QRadar SaaS assets for an undisclosed amount.
LogRhythm and Exabeam Enter Merger Agreement
Cybersecurity providers LogRhythm and Exabeam entered into a merger agreement on May 15, using their respective expertise to enhance AI-driven security operations. The merger is expected to close in the third quarter of 2024 and is subject to regulatory approvals and customary closing conditions.
CyberArk to Acquire Venafi
Identity and access management (IAM) company CyberArk has announced a definitive agreement to acquire Venafi from private equity giant Thoma Bravo. The deal, announced on May 20, will allow CyberArk to incorporate Venafi’s machine identity management capabilities into its platform. CyberArk will complete the purchase for $1bn in cash and approximately $540m in shares.
BugCrowd Announces Acquisition of Informer
On May 23, crowdsourced security specialist BugCrowd announced it has acquired Informer, an external attack surface management provider. BugCrowd aims to use Informer’s capabilities to accelerate its reach to customers globally. The terms of the transaction have not been disclosed.
Hg to Acquire AuditBoard for Over $3bn
Private equity firm Hg has agreed a deal to acquire AuditBoard for over $3bn. The agreement, announced on May 24, is designed to support the growth of AuditBoard’s risk management platform. Hg has invested in numerous enterprise software companies over the past 20 years.
Tenable Enters Definitive Agreement to Acquire Eureka Security
On June 6, software security firm Tenable agreed to acquire Eureka Security, a provider of data security posture management (DSPM) for cloud environments. Tenable will add Eureka’s DSPM capabilities to its CNAPP solution to help customers identify key evidence related to cloud data risk. The acquisition is expected to close in July and is not expected to have a material impact on Tenable’s 2024 revenue.
Fortinet to Acquire Lacework
Fortinet has entered into a definitive agreement to acquire Lacework and will leverage Lacework’s AI-powered cloud security platform in Fortinet’s existing product portfolio. The deal, announced on June 10, is expected to close in the second half of 2024, subject to regulatory approvals and other customary closing conditions. The financial terms of the transaction were not disclosed.
Everfox Reaches Agreement to Purchase Garrison Technology
Everfox, formerly Forcepoint Federal, announced a definitive agreement to acquire Garrison Technology, a secure data transfers provider, on June 12. The deal is designed to provide Everfox customers with a broader set of cybersecurity solutions to protect their digital infrastructure. The transaction is expected to close in the Summer of 2024, subject to regulatory review and customary closing conditions.
NetSPI Announces Hubble Technology Acquisition
Offensive security specialist NetSpi announced the acquisition of Hubble Technology on June 13. Hubble’s cyber asset attack surface management (CAASM) and cybersecurity posture management solution will be integrated into NetSPI’s vulnerability management platform. The financial terms of the transaction have not been announced.
JFrog to Acquire AI and MLOps Platform Qwak
On June 25, JFrog announced it had entered a definitive agreement to acquire Qwak, creators of an AI and MLOps platform. With the acquisition, JFrog aims to offer a unified and scalable solution for DevOps, Security, and MLOps stakeholders. The deal follows a successful integration between JFrog and Qwak solutions announced earlier in 2024.