Forbes January 1, 2026
This past year saw a number of blockbuster cybersecurity M&A deals which seemingly rewrote the rules for cybersecurity valuations and exits. This includes three of the ten largest ever cybersecurity deals (GOOGL/Wiz, PANW/CYBR and NOW/Armis), and the two largest ever acquisitions of private cyber companies (Wiz and Armis). When you take a close look at these deals and the year’s deals as a whole, they confirm some of the structural imperatives of cybersecurity growth, scope, and valuation.
The Cycle of Achievable Value
As a cybersecurity operator for a couple decades and a VC focusing primarily on cybersecurity for almost a decade, I’ve learned to rely on a few commonplaces that have held true over the years.
- Most cyber companies...
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