Security sector saw 403 deals in 2025, exceeding 2024 levels and on pace to surpass the 10-year high of 476 transactions achieved in 2021. Demand was strong from strategic and financial buyers with PE firms acquiring 165 Security companies, equal to 41% of total deal volumes.

During the first nine months of 2025, total disclosed M&A transaction values reached $65.7B, well above 2022, 2023 and 2024 levels due primarily to a $31B megadeal in the first quarter and a $24.9B megadeal in the third. Only 13% of deals disclosed their financial terms as buyers preferred to keep their M&A strategies private.

Looking at VC funding, after peaking in 2021 these investments have dried up for the Security sector and that trend continued through September 2025. Companies have instead been encouraged to pursue M&A strategies for growth and liquidity.

During Q3 of 2025, we saw Alpine Investors acquiring 3 companies. A number of buyers made 2 acquisitions, those are: Covasant Technologies Private, Concentric AI Software, CrowdStrike Holdings, F5, Harness, Kerberus, Sek Security Ecosystem Knowledge, SentinelOne, Sunstone Partners.