Distribution of Lower Middle Market Cybersecurity M&A Deals
$0 - $10M $10 - $25M $25 - $50M $50 - 150M
17%
17%
19%
27%
25%
42%
64
36
35
19%
25%
33%
23%
36%
17%
2022
2023
2024
• In 2024, 42% of LMM Cybersecurity M&A deals lie in the $50M to 150M range as compared to 19% and 27% in 2023 and 2022, respectively. This highlights the shift towards a larger deal size M&A activity in this market segment. • Although the number of deals may have decreased over the years, the overall value of these transactions has picked up in 2024, indicating a growing trend of companies prioritizing the acquisition of more significant assets. This shift reflects regained confidence in larger, strategic acquisitions designed to drive innovation and long-term growth in the cybersecurity sector.
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.
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