Top M&As of Q4 2024

Q4 2024 saw 100+ cybersecurity M&As, led by Darktrace, MoneyLion, and Wiz deals. Highlighting trends in cloud, DSPM, identity, and MSSP consolidation.

Apr 23, 2025

Welcome back to Hall of Hacks Weekly.

In this issue, we explore the most influential mergers and acquisitions (M&As) that shaped the cybersecurity industry in Q4 2024. The pace and scale of deal-making during this quarter not only reflect rising investor confidence but also highlight the urgency with which organizations are reinforcing their cyber capabilities amidst escalating threats, digital transformation, and regulatory pressure.

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Overview: A Quarter of Strategic Consolidation

Q4 2024 witnessed a record number of cybersecurity-related M&A transactions. More than 100 documented deals across all major cybersecurity segments, including:

Threat Detection & Response
Managed Security Services (MSS)
Cloud and Application Security
Identity and Access Management (IAM)
Governance, Risk & Compliance (GRC)
Data Protection and DSPM (Data Security Posture Management)

These acquisitions represent a proactive strategy from both established security vendors and emerging players seeking to consolidate technical capabilities, expand geographically, and address increasingly complex enterprise security demands.

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Major Deals That Defined the Quarter

1. Thoma Bravo acquires Darktrace – $5.3 Billion

Segment: Threat Detection & Response
Motivation: Strengthen AI-based threat detection capabilities and support continued growth as an independent business.
Impact: One of the largest security deals in recent history, positioning Darktrace for accelerated global expansion while maintaining independence under PE stewardship.

2. Gen Digital acquires MoneyLion – $1 Billion

Segment: Application & Software Security (with fintech focus)
Motivation: Expand consumer protection into digital finance.
Impact: Combines cybersecurity and financial wellness, bridging fraud prevention, identity protection, and fintech services.

3. Sophos acquires Secureworks – $859 Million

Segment: Managed Security Services
Motivation: Strengthen advanced threat detection and response capabilities.
Impact: Builds a full-stack MDR platform for enterprises facing advanced persistent threats.

4. AE Industrial Partners acquires Paragon – $500 Million

Segment: Application & Software Security
Motivation: Merge with Red Lattice to strengthen mission-critical cyber capabilities.
Impact: Aimed at the U.S. defense and intelligence community, creating a specialized cyber software and analytics platform.

5. Wiz acquires Dazz – $450 Million

Segment: Cloud Security
Motivation: Integrate AI-powered cloud remediation.
Impact: Moves Wiz beyond detection into automated remediation across dev and cloud pipelines, a key advantage in securing DevOps.

Other Notable Transactions

CyberArk completes its $1.54 Billion acquisition of Venafi, establishing a comprehensive machine identity security portfolio.
N-able acquires Adlumin for $266 Million, gaining advanced XDR and MDR capabilities.
BitSight buys Cybersixgill for $115 Million to strengthen its cyber threat intelligence.
SailPoint buys Imprivata's IGA business for $10.7Million to enhance identity governance and administration offerings.

Global Activity Highlights

This quarter’s M&A activity demonstrated a clear push toward global expansion and multi-region coverage. Key international deals include:

iomart (Scotland) acquired Atech Cloud (England) for $75.5 million to extend secure cloud hosting in the UK.
Integrity360 (Ireland) acquired Adsigo (Germany) to establish a foothold in the DACH region and grow its managed security services.
Main Capital (Netherlands) acquired Procilon (Germany), expanding its secure communications and encryption business across Europe.
Smartcomply (Nigeria) acquired AfricaIntel (Nigeria) to reinforce threat intelligence offerings in West Africa.

Meanwhile, APAC firms like AC3 (Australia) and Bastion Security (Australia) ramped up their domestic MSSP capabilities through strategic acquisitions, signaling heightened local demand.

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Emerging Trends from Q4 2024 M&As

1. Cloud Security & DSPM Acceleration

Enterprises are under pressure to manage sprawling cloud assets and ensure real-time compliance. This has fueled a surge in DSPM-driven acquisitions, including:

Proofpoint acquiring Normalyze
Netskope acquiring Dasera
Cyera acquiring Trail Security ($162M)

2. Identity Security and Zero Trust Integration

IAM-focused deals surged as organizations transitioned to zero trust architectures:

Socure acquired Effectiv ($136M)
SailPoint acquired Imprivata’s IGA business ($10.7M)
SecureAuth acquired SessionGuardian to enhance behavioral biometrics for identity verification.

3. MSSPs Accelerate Strategic Acquisitions

The MSSP segment continued consolidating, with large players acquiring niche regional providers to expand vertical-specific offerings. Examples include:

CyberProof acquiring Interpres Security
Magna5 acquiring ThreatAdvice
Evergreen’s dual acquisition of PCG IT and Netranom

4. Focus on AI and Developer-Centric Security

As AI is increasingly adopted by developers and security teams alike, vendors are acquiring firms that serve both:

Coralogix acquired Aporia ($50M) to improve AI observability.
Snyk acquired Probely to strengthen API and AI-based testing.

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Why These M&As Matter

The M&A activity in Q4 2024 represents more than just market consolidation, it reflects the strategic realignment of cybersecurity architectures toward automation, cloud-native design, identity-centric defense, and continuous monitoring.

These deals demonstrate how security vendors are:

Addressing hybrid cloud complexity
Bridging gaps between developer tools and security controls
Moving from passive monitoring to proactive defense
Building vertically integrated service stacks

With cyber threats evolving and regulatory frameworks tightening worldwide, these acquisitions equip providers to serve large, distributed enterprises as well as critical infrastructure, fintech, and healthcare organizations.

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What’s Coming Next Week

In our next issue, we shift focus to the Cybersecurity Regulations of Q4 2024.

From updated compliance mandates to enforcement actions and new legislative frameworks, we’ll break down the key regulatory developments that shaped the final quarter of the year and uncover what they signal for 2025.

📢 The full Hall of Hacks Q4 2024 report will be published next week!

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