Accenture is paying $4.175 billion for a majority stake in Dragos and all of runZero and NetRise, a three-company OT security bundle generating $208 million in annual recurring revenue as of June 2026, up 53% year over year. That’s roughly 20x ARR for a business growing at that clip.
What Accenture gets: Dragos’s threat detection platform for industrial control systems, runZero’s attack-surface intelligence, and NetRise’s firmware-level visibility into device exposure. Together, they form a unified xOT platform. Dragos CEO Robert M. Lee will run the combined entity, with runZero’s HD Moore and NetRise’s Thomas Pace joining as key Dragos executives.
The market rationale is straightforward. OT cybersecurity software is an estimated $27 billion opportunity in 2026, projected to hit nearly $59 billion by 2031 at 16% compounded annual growth. AI is compressing the time between IT compromise and OT targeting, which makes critical infrastructure operators the most motivated buyers in security right now.
Accenture’s cybersecurity practice hit $10 billion in fiscal 2025 revenue, up from $700 million in 2016, a 35% CAGR built through inorganic expansion. The 20x ARR multiple looks high, but Google’s 2022 Mandiant deal priced threat intelligence at roughly 11x revenue for a business growing far more slowly. Dragos’s proprietary industrial threat dataset isn’t available off-the-shelf — that’s what earns the premium.
The deal closes in August or September 2026, pending regulatory approvals.
Diana Kowalski