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Cybersecurity M&A Roundup: 28 Deals Announced in May 2024

Roundup of the more than two dozen cybersecurity-related merger and acquisition (M&A) deals announced in May 2024.

Cybersecurity M&A 2024

Twenty-eight cybersecurity-related merger and acquisition (M&A) deals were announced in May 2024, including some significant transactions.

An analysis conducted by SecurityWeek shows that more than 400 cybersecurity M&A deals were announced in 2023, with a drop seen in both volume and disclosed deal value.  

Here is a list of the most important cybersecurity M&A deals announced in May 2024:

Akamai to acquire Noname Security

Cloud and security giant Akamai is acquiring API security firm Noname Security for $450 million. The deal enables Akamai to expand its existing API security solution, as well as to scale its sales and marketing resources. 

Bugcrowd acquires Informer

Bug bounty platform Bugcrowd has acquired UK-based external attack surface management and pentesting provider Informer. Informer will complement Bugcrowd’s penetration testing services and its attack surface management offering.

Cloudflare acquires Bastionzero

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Cloudflare announced the acquisition of seed-stage startup BastionZero as part of plans to expand the scope of its VPN replacement solutions. The acquisition fits into Cloudflare’s plan to extend its Zero Trust Network Access (ZTNA) flows with native access management for infrastructure like servers, Kubernetes clusters, and databases. 

Crane NXT acquires OpSec Security

Industrial technology company Crane NXT has completed its acquisition of brand protection and authentication solutions provider OpSec Security. Following the acquisition, Crane NXT is renaming its Crane Currency segment to Security and Authentication Technologies, which will consist of the Crane Currency business and the acquired OpSec business. 

CyberArc acquires Venafi

Identity security firm CyberArk has entered a definitive agreement to acquire machine identity management firm Venafi from private equity firm Thoma Bravo. The deal is valued at approximately $1.54 billion, including $1 billion in cash and $540 million in CyberArk shares.  

Drata acquires Oak9

Compliance automation firm Drata announced buying Oak9, a company that specializes in infrastructure-as-code and helps organizations build security and compliance into cloud-native applications as they are developed. The deal enables Drata to provide a platform that monitors compliance both before and after code is deployed to production.

Hg acquires AuditBoard

UK-based private equity company Hg has reached an agreement to acquire audit, compliance and risk management firm AuditBoard for more than $3 billion. Hg also announced that it has invested £87.2 million ($111 million) in AuditBoard. 

LogRhythm merges with Exabeam 

Thoma Bravo-owned LogRhythm announced plans to merge with SIEM rival Exabeam, most recently valued at $2.5 billion. LogRhythm said the deal will combine impressive technologies in the threat detection, investigation, and response (TDIR) category.

Lumifi acquires Netsurion

Lumifi Cyber has announced buying managed extended detection and response (XDR) provider Netsurion. Lumifi said it will provide enhanced security to Netsurion’s customer base through its SOC and SHIELDVision platform.  

OpenText acquires Pillr

Information management company OpenText has acquired Pillr, a firm that offers a cloud native, multi-tenant MDR platform for MSPs. The combination of Pillr technology and OpenText security expertise provides enhanced threat hunting, monitoring, and response.

Palo Alto Networks acquires IBM QRadar SaaS assets

Palo Alto Networks has agreed to acquire IBM’s QRadar SaaS assets – technology that IBM acquired back in 2011 when it bought Q1 Labs. Once the acquisition of QRadar assets has been completed, the companies will facilitate the migration of QRadar customers to Palo Alto’s recently unveiled Cortex XSIAM SOC platform. 

Permira to acquire majority stake in BioCatch 

Global private equity firm Permira has agreed to acquire a majority stake in digital fraud detection and financial crime prevention company BioCatch, which has reached an enterprise valuation of $1.3 billion. 

Synopsys sells Software Integrity Business to Clearlake Capital and Francisco Partners

Synopsys is selling its Software Integrity Group to private equity firms Clearlake Capital and Francisco Partners in a $2.1 billion deal. Once the transaction closes, the software integrity business will emerge as an independent application security testing software provider.  

Other cybersecurity M&A deals announced in May 2024: 

Abissi acquires Aspisec

Air IT acquires SoConnect

Bertrandt acquires Centum Digital

Bernhard acquires Apogee

Boomi acquires APIIDA’s federated API management business and assets from Cloud Software Group

CyEx acquires Simpluris

Dataprise acquires Hooks Systems 

Databarracks acquires PlanB Consulting

Fifosys acquires TMB

ISSQUARED acquires CCT

Network Coverage acquires MadWolf Technologies

Reveald acquires rThreat

SHI International Corp. acquires Locuz Enterprise Solutions Limited

TELUS acquires Vumetric

Related: Cybersecurity M&A Roundup: 33 Deals Announced in April 2024

Related: KnowBe4 Plans to Acquire Egress for Email Security Tech

Related: Armis Acquires Silk Security for $150 Million

Written By

Eduard Kovacs (@EduardKovacs) is a managing editor at SecurityWeek. He worked as a high school IT teacher for two years before starting a career in journalism as Softpedia’s security news reporter. Eduard holds a bachelor’s degree in industrial informatics and a master’s degree in computer techniques applied in electrical engineering.

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