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A chart that shows quarterly cybersecurity M&A activity from Q1 2024 to Q2 2026. Deal value ranges from $1.8 billion in Q1 2024 to $44.2 billion in Q3 2025. Deal count ranges from 77 in Q1 2024 to 110 in Q2 2026.

Cybersecurity M&A activity

Data: Momentum Cyber; Chart: Chris Metinko/Axios

The first half of the year saw more M&A than ever in cybersecurity, but deal value plummeted.

Why it matters: Cybersecurity deals are still getting done amid the ongoing SaaSpocalypse, but not big ones.

By the numbers: The first half saw a new record of 219 M&A deals, up 3% from H1 2025 and 39% from H1 2024, per a report from financial advisory firm Momentum Cyber.

Deal value in H1 was only $9.1 billion, less than a quarter of the $38.3 billion H1 2025 saw.

About 90% of first half cyber deals were strategic, a significant jump from roughly 60% typically seen.

Between the lines: While the first half was driven by big strategic acquisitions by Accenture, Akamai, Cisco, CrowdStrike and Palo Alto Networks, it lacked a blockbuster tie-up. 

The big picture: Many software and SaaS cybersecurity companies have pushed timelines for processes in hopes of letting AI-related disruptions settle.

Zoom in: There was a significant pullback by private equity in cyber dealmaking, as PE investors become more contemplative about AI disruption, Momentum founder Eric McAlpine says.

Yes, but: Private equity was not completely silent. Bridgepoint, for example, is buying a majority stake in iC Consult from Carlyle in a deal ‌values the German identity security firm at €400 million to €450 million.

What they're saying: Expect more dealmaking for both vertical-specific security and AI security platforms, McAlpine says.

What we're watching: Decacorn Cyera is reportedly in talks to acquire browser security startup Oasis Security for more than $1 billion.

Cybersecurity M&A sees more deals but fewer dollars

More cybersecurity deals than ever were announced in the first half of 2026, but value plummeted.

The first half of the year saw more M&amp;A than ever in cybersecurity, but deal value plummeted.Why it matters: Cybersecurity deals are still getting done amid the ongoing <a class="gtmContentClick" data-vars-link-text="SaaSpocalypse" data-vars-click-url="https://www.axios.com/pro/enterprise-software-deals/2026/06/26/salesforce-servicenow-oracle-saaspocalypse" data-vars-content-id="d1796166-f430-4da8-be7e-0b2acc22c89d" data-vars-headline="Cybersecurity M&amp;A sees more deals but fewer dollars" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/enterprise-software-deals/2026/06/26/salesforce-servicenow-oracle-saaspocalypse" target="_self">SaaSpocalypse</a>, but not big ones.

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Cybersecurity M&A sees more deals but fewer dollars

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