Cybersecurity M&A Activity Lower Middle Market
(In Millions of USD)
21
21
14
12
12
11
10
859.3
802.9
8
7
7
7
6
486.4
470.8
455.7
414.7
401.9
353.7
338.0
224.2
223.7
188.6
2022 Q1
2022 Q2
2022 Q3
2022 Q4
2023 Q1
2023 Q2
2023 Q3
2023 Q4
2024 Q1
2024 Q2
2024 Q3 2024 Q4
Total Deal Size in ($M)
Deal Count
• M&A volume in cybersecurity software picked up in LTM H2 2024, reaching a total deal value of $768.4M – This represents 86.4% YoY growth in deal size. However, the deal count remained the same, indicating an increase in average transaction value • 30 strategic deals took place in 2024, which represented 85.7% of all deals done in the sector – By deal size, these transactions represented 77.2% of the entire pool, depicting aggressive inorganic growth and overall industry consolidation • M&A deals in the lower middle market ($5-$150 million) in 2024 represented 7.9% of all transactions
Source: Pitchbook as of December 31, 2024. Note: This analysis includes only those deals in the lower middle market that had a disclosed deal value.
13
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