KROLL-网络安全软件行业（英）-2025_17页_5mb

报告摘要

Cybersecurity Software Sector M&A Summary (Summer 2025)

Core Content

The cybersecurity software sector has seen a significant increase in M&A activity in the first half of 2025, with annualized deal volume projected to exceed 200 transactions for the first time. This growth is driven by several key trends and factors:

AI Integration: A major focus is on integrating generative AI and agentic automation into threat detection, triage, and response systems. Acquisitions like F5's purchase of Fletch and Snyk's acquisition of Invariant Labs highlight this trend.
Cloud Security: Cloud-native application protection platforms (CNAPP) and data security posture management (DSPM) remain highly sought after, with companies like Zscaler acquiring Red Canary to enhance their cloud security offerings.
Identity Management: With the rise of nonhuman AI agents, identity management has returned to the forefront, emphasizing automated controls and governance. Radiant Logic's investment by Ridgeview Partners and Cyera's acquisition of Otterize reflect this shift.
Regulatory Pressures: Regulatory changes such as the SEC's cyber disclosure rules, DORA in the EU, and the UK's Cyber Security & Resilience Bill are influencing M&A strategies, with a focus on governance, risk, and compliance (GRC) solutions.
Exposure Management: As threat environments become more complex, there is growing investment in exposure management tools to help organizations identify and mitigate risks.
Public Market Performance: Leading cybersecurity platforms like Cloudflare and CrowdStrike are trading at significantly higher revenue multiples (32x and 25x, respectively) compared to the broader sector, indicating investor confidence in scale and balance sheet strength.

Key Themes

Mid-Market Dominance: Mid-market M&A activity dominated Q2 2025, with only one deal exceeding $1 billion (Proofpoint's acquisition of Hornet Security).
Platform Consolidation: Enterprises are seeking to reduce vendor complexity, leading to a trend toward platform consolidation. Larger players are using M&A to build more integrated and comprehensive security solutions.
Strategic Acquirors: Companies such as Proofpoint, Zscaler, Palo Alto Networks, and others are actively acquiring firms to expand their capabilities and market presence.

Notable Acquisitions in Q2 2025

Proofpoint acquired Hornet Security: Expanding into SMB and managed service provider markets with AI-powered cloud security solutions.
Zscaler acquired Red Canary: Enhancing managed detection and response (MDR) and threat intelligence capabilities to support its AI-powered security operations center.
Leidos acquired Kudu Dynamics: Bolstering offensive cyber capabilities with AI-generated tools for rapid innovation in cyber warfare.
Cellebrite acquired Corellium: Expanding into Arm-based virtualization and mobile security testing.
Palo Alto Networks acquired Protect AI: Building a comprehensive AI security posture management offering.
Radiant Logic acquired by Ridgeview Partners: Accelerating leadership in identity security posture management (ISPM).

Public Market Trends

Deal Value: Deal value in H1 2025 is already on par with total deal value in 2024, largely due to Google's acquisition of Wiz.
Revenue Multiples: The top quartile of cybersecurity companies traded at a median EV/NTM revenue multiple of 13.0x, compared to 6.1x for the broader peer set.
Benchmarking: Cloudflare and CrowdStrike are among the highest-valued companies in the sector, trading at around 32x and 25x revenue multiples, respectively.

Market Overview

Market Size: The cybersecurity market is valued at over $200 billion and is growing at a CAGR of approximately 13%.
Industry Spend: Cybersecurity spend varies across industries, with a particular emphasis on data security, identity management, and cloud security.

Market Trends

Exponential Data Growth: The increasing volume of security-related data is overwhelming traditional tools, necessitating advanced analytics and automation.
Sophisticated Threat Actors: Cybercriminals are using increasingly complex attack techniques, which can evade traditional security measures.
Human Risk Management (HRM): HRM has become a critical component of cybersecurity, addressing risks from human error, privilege misuse, and social engineering.
Risk Management Shift: There is a growing shift from threat management to risk management, focusing on business outcomes and broader enterprise risks.
Vendor Consolidation: The complexity of layered security stacks is driving the need for more integrated platforms, resulting in increased M&A activity among vendors.

Kroll's Role in Cybersecurity M&A

Expertise: Kroll provides comprehensive M&A advisory services, including corporate finance, valuation, and cyber risk advisory.
Global Reach: Kroll has a strong global presence with offices in over 30 countries and works with 88% of Fortune 100 TMT companies.
Track Record: Kroll has a strong history of closing cybersecurity deals, with over 500 transactions completed.
Private Equity and Strategic Buyers: Kroll has extensive experience working with both private equity firms and strategic buyers in the cybersecurity sector.