Industrial and technology giant Mitsubishi Electric has signed a definitive agreement to acquire OT and IoT cybersecurity company Nozomi Networks in a deal that values the industrial cybersecurity firm at nearly $1 billion.
Mitsubishi Electric will acquire the Nozomi Networks shares it does not already own for $883 million in cash, this being Mitsubishi’s largest acquisition ever. Mitsubishi Electric already owns a 7% stake in Nozomi after participating in Nozomi’s $100 million Series E funding round in 2024. Nozomi has raised more than $250 million in funding to date.
When the transaction closes in the fourth quarter of 2025, Nozomi Networks will become a wholly owned subsidiary of Mitsubishi Electric and it will continue to operate independently.
Nozomi will maintain its headquarters in San Francisco, California, and R&D unit in Switzerland. The company noted that there will be no disruptions to operations or partnerships as a result of the acquisition.
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Nozomi had roughly $75 million in revenue in 2024, according to data provided by Mitsubishi Electric, up from just over $62 million in 2023.
The cybersecurity firm has developed a platform designed to give organizations visibility and control over OT and IoT systems. Nozomi provides asset discovery and visibility, continuous monitoring and anomaly detection, vulnerability management, and remote management and monitoring capabilities.
“By combining Mitsubishi Electric’s century of global industrial expertise with Nozomi Networks’ innovations in data science, AI/ML and industrial cybersecurity, we have a unique opportunity to create a new generation of AI-powered solutions that will strengthen cyber and operations through power new innovations for customers across all OT/IoT use cases and industries around the world,” said Andrea Carcano, co-founder and Chief Product Officer of Nozomi Networks.
Nozomi Networks will be showcasing its solutions at SecurityWeek’s 2025 ICS Cybersecurity Conference, taking place October 28-30 in Atlanta.
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