Only 13% of 2025 transactions in the Security sector disclosed their financial terms, as buyers preferred to keep their M&A strategies private. The representative transactions with disclosed exit multiples include a seller in the IoT Security space acquired at 12.7x revenue, and sellers in the Identity management subsector saw multiples of 10x to 33x revenue. Cloud Security specialists and related Managed Services providers disclosed valuations above market average at 6.3x and 5.4x revenue, respectively.