Accenture buys Dragos & cybersecurity firms for USD $4.2bn
Thu, 18th Jun 2026 (Today)
Accenture has agreed to acquire a majority stake in Dragos and to buy runZero and NetRise, in transactions valued at about USD $4.175 billion.
The deals expand Accenture's cybersecurity business across a broader range of operational technology security, with a focus on industrial and critical infrastructure environments including power grids, pipelines, manufacturing sites, distribution facilities and data centres.
Under the plan, Dragos will continue to operate independently and will become the home for runZero and NetRise once the transactions close. Dragos is based in Hanover, Maryland, and has 580 employees. runZero and NetRise are both based in Austin, Texas, with 66 and 57 employees respectively.
Accenture said the combination is intended to create a single security platform for extended operational technology environments, often referred to as xOT. That includes industrial control systems, internet-connected devices, sensors, cloud-linked devices and related IT infrastructure that support physical operations.
Dragos brings threat detection for operational technology networks and a proprietary dataset, Accenture said, while runZero adds exposure assessment and attack-surface intelligence. NetRise contributes software supply chain data and visibility into firmware-level device exposure.
Market push
The move builds on a cybersecurity business that generated USD $10 billion in revenue in Accenture's 2025 financial year, up from USD $700 million in 2016. The company said the acquisitions would extend its position from the OT cybersecurity services market into software, targeting a wider market it estimates at USD $27 billion in 2026 and nearly USD $59 billion by 2031.
Together, Dragos, runZero and NetRise are expected to produce about USD $208 million in annual recurring revenue as of June 2026, according to Accenture. It said that figure represents year-on-year growth of 53%.
Accenture also said the acquisitions carry strong gross margins and are expected to become accretive to earnings per share and free cash flow over time, although they will initially dilute those measures.
The expansion comes as cybersecurity groups and industrial operators pay closer attention to risks in operational environments, where connected machinery and industrial systems have become more exposed to digital threats. Accenture said many security budgets still focus primarily on traditional IT systems, even as operational technology becomes more connected and more relevant to attackers.
Julie Sweet, Chair and Chief Executive Officer of Accenture, linked the dealmaking to client demand and a changing threat environment.
"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. 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," Sweet said.
Leadership structure
Dragos Co-Founder and Chief Executive Officer Robert M. Lee will lead the combined business. HD Moore, Chief Executive Officer of runZero, Thomas Pace, Chief Executive Officer of NetRise, and Michael Scott, Chief Technology Officer & Chief Scientist at NetRise, will take senior roles within Dragos, Accenture said.
Accenture said Dragos will keep its vendor-neutral approach and continue supporting customers running complex environments with equipment and software from multiple suppliers. It added that Dragos maintains collaborations with cloud providers, cybersecurity software groups and manufacturers of operational technology equipment.
The latest transactions add to more than a decade of Accenture investment in operational technology security. The company cited earlier acquisitions including Cimation in 2015 and Revolutionary Security in 2020, alongside other OT-focused businesses such as Callisto, Electro 80, True North Solutions and SYSTEMA.
Robert M. Lee said the transaction reflected a need for more joined-up security across operational environments.
"Our energy and water systems, manufacturing plants, data centres 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. Organisations 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 defence, 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," Lee said.