Accenture plc has agreed to take a majority stake in operational technology cybersecurity firm Dragos, Inc. and to buy runZero, Inc. and NetRise, Inc. outright, in a combined deal worth about US$4.175 billion that pushes the consulting giant deeper into securing the systems behind power grids, pipelines, factories, and data centres.
The three acquisitions were packaged as a single move to build an end-to-end platform for operational technology (OT) cybersecurity, the field that protects industrial and physical infrastructure rather than conventional IT networks. The combined enterprise value is subject to customary purchase price adjustments.
The anchor of the deal is Dragos, a Hanover, Maryland company whose platform detects threats across industrial control systems. It will absorb two smaller, complementary businesses, both based in Austin, Texas. runZero specializes in asset intelligence and exposure assessment, mapping what is connected to a network and where it is vulnerable. NetRise focuses on device security and software supply chain risk, offering firmware-level visibility into the hardware running on industrial systems.
Dragos will keep running as an independent business once the deal closes, with runZero and NetRise folded in beneath it and co-founder Robert M. Lee staying on as chief executive officer. runZero chief executive officer HD Moore, NetRise chief executive officer Thomas Pace, and NetRise chief technology officer and chief scientist Michael Scott are set to become senior Dragos executives. The three companies together generate an estimated US$208 million in annual recurring revenue as of June, up 53 percent year over year, according to Accenture.
The purchases mark Accenture's shift from selling OT cybersecurity services, where it is already established, into selling the software itself. The firm puts the OT software market at roughly US$27 billion this year and expects it to approach US$59 billion by 2031. Accenture has grown its wider cybersecurity arm to US$10 billion in revenue in fiscal 2025 from US$700 million in 2016, and the latest deals extend a run of OT acquisitions that includes Cimation in 2015, Revolutionary Security in 2020, and more recent additions such as True North Solutions and SYSTEMA.
“In an age when AI-driven cyber threats and geopolitical risk are evolving at a rapid pace, our cybersecurity practice is growing by double-digits and has a strong track record of leveraging inorganic opportunity to fuel organic growth,” Accenture chair and CEO Julie Sweet said in a press release. “Our clients across industries and regions are asking us how to be more proactive and integrated in their approach to cybersecurity. The addition of Dragos, complemented by runZero and NetRise, fills this important need. We are confident Dragos’ differentiated OT platform will accelerate our growth in the critical infrastructure and industrial operations markets, driving long-term shareholder value through scaled adoption of advanced cybersecurity capabilities.”
“Our energy and water systems, manufacturing plants, data centers and other operational environments need cybersecurity built from the ground up for xOT and designed to keep pace as threats evolve. The consequences of getting it wrong become societal threats,” said Robert M. Lee, co-founder and CEO of Dragos. “Organizations need solutions, not a patchwork of software and services. The addition of runZero and NetRise will allow the Dragos Platform to be a unique end-to-end platform for global defense, and Accenture will bring its decades of trusted relationships and deep expertise to help us scale and secure more critical infrastructure and physical operations globally.”
Borden Ladner Gervais LLP (BLG) is acting as Canadian legal counsel to Accenture. Its deal team includes Neil Hazan, Jordan Jaslow, and Francis Lussier.
Accenture expects the transactions to close in August or September, subject to customary closing conditions and required regulatory approvals.
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