Cybersecurity M&A activity surged in 2026, representing a new yearly high for both deal volume (with 303 announced transactions) and value at $78.8 billion. Q4 saw several $1 billion-plus transactions, including investments from Palo Alto Networks, ServiceNow, Francisco Partners and Veeam, across segments including observability, exposure management, endpoint protection and data protection. The breadth of buyer interest in the quarter was notable, spanning financial and strategic as well as non-cybersecurity buyers.
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