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SecurityWeek counted 28 cybersecurity-related merger and acquisition deals announced in May 2024. The month’s largest reported transactions spanned API and machine-identity security, compliance, application security, fraud detection and security operations. These are announcements and agreement-time terms, not confirmation that every deal later closed.
What the May 2024 roundup counted
SecurityWeek’s roundup, written by Eduard Kovacs and published June 4, 2024, lists 28 cybersecurity-related M&A announcements for May. It also says more than 400 cybersecurity-related deals were announced in 2023; it does not give an exact 2023 total. The monthly count is the outlet’s tally, not an independently verified market census.
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The transactions varied in stage and disclosure. Some were definitive acquisition agreements, one was a planned merger, and one was reported as completed. The dollar figures also describe different things—such as purchase consideration, an enterprise valuation, an investment or a company’s prior valuation—so they should not be compared as though they were all deal prices.
Prominent transactions and reported terms
| Transaction | What was reported in the May roundup | Reported financial figure |
|---|---|---|
| Akamai–Noname Security | Akamai agreed to acquire the API security company to expand its API security solution and scale sales and marketing. | $450 million |
| CyberArk–Venafi | CyberArk entered a definitive agreement to acquire the machine identity management company from Thoma Bravo. | Approximately $1.54 billion: $1 billion in cash and $540 million in CyberArk shares |
| Hg–AuditBoard | Hg agreed to acquire the audit, compliance and risk management firm. The roundup also reported an announced investment in AuditBoard. | More than $3 billion for the acquisition; £87.2 million ($111 million) for the announced investment |
| Synopsys Software Integrity Group | Synopsys agreed to sell the business to Clearlake Capital and Francisco Partners. SecurityWeek said it would emerge as an independent application security testing provider after closing. | $2.1 billion |
| Permira–BioCatch | Permira agreed to acquire a majority stake in the digital fraud detection and financial crime prevention company. | $1.3 billion enterprise valuation |
| Palo Alto Networks–IBM QRadar SaaS assets | Palo Alto Networks agreed to acquire IBM’s QRadar SaaS assets. The companies said they would facilitate QRadar customer migration to Cortex XSIAM after the transaction completed. | Not stated in the roundup |
| LogRhythm–Exabeam | LogRhythm announced plans to merge with SIEM rival Exabeam. | Exabeam’s most recent valuation was reported as $2.5 billion; this was not stated as the merger’s deal value. |
These figures and descriptions are as SecurityWeek reported them at announcement time; they are not independent assessments of the companies or transaction outcomes. Read the SecurityWeek roundup.
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Other capability-focused acquisitions
- Drata–Oak9: Drata bought the infrastructure-as-code security firm, extending its compliance monitoring proposition across pre-deployment and production contexts.
- Cloudflare–BastionZero: Cloudflare acquired the seed-stage startup to expand VPN replacement and Zero Trust Network Access capabilities for infrastructure access.
- Bugcrowd–Informer: Bugcrowd acquired the UK external attack surface management and penetration testing provider, complementing its pentesting and attack surface management offer.
- Crane NXT–OpSec Security: Crane NXT completed its acquisition of the brand protection and authentication solutions provider and renamed its Crane Currency segment Security and Authentication Technologies.
- Lumifi–Netsurion: Lumifi Cyber acquired the managed XDR provider and said it would support Netsurion’s customer base through its SOC and SHIELDVision platform.
- OpenText–Pillr: OpenText acquired the cloud-native, multi-tenant MDR platform provider serving MSPs.
The remaining 14 announcements
The roundup’s other entries were Abissi–Aspisec; Air IT–SoConnect; Bertrandt–Centum Digital; Bernhard–Apogee; Boomi’s acquisition of APIIDA’s federated API management business and assets from Cloud Software Group; CyEx–Simpluris; Dataprise–Hooks Systems; Databarracks–PlanB Consulting; Fifosys–TMB; ISSQUARED–CCT; Network Coverage–MadWolf Technologies; Reveald–rThreat; SHI International Corp.–Locuz Enterprise Solutions Limited; and TELUS–Vumetric. Together with the 14 transactions described above, these entries make up SecurityWeek’s reported total of 28.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to read the deal values
The disclosed numbers are not a like-for-like league table. For example, the BioCatch figure is an enterprise valuation, the Hg–AuditBoard entry includes both an acquisition figure and a separate announced investment, and Exabeam’s $2.5 billion figure is its most recent valuation—not a stated merger price. Several deals have no value stated in the roundup. Treating a missing number as zero, or substituting a company valuation for transaction consideration, would misrepresent what was disclosed.
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The announcements also show how broad the month’s activity was: identity and API protection, infrastructure and cloud access, compliance, detection and response, financial fraud prevention, and application security all feature. SecurityWeek’s descriptions explain the announced strategic rationales, but they do not establish whether the integrations succeeded or what products and services ultimately resulted.
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