After a four year hiatus Momentum Cyber, the industry’s top investment banking firm, has published its Cybersecurity Almanac again. Free to download with no forms to fill out. This impressive report documents the entirety of 2025 in 100 pages of data and charts. It includes lists of all the acquisitions as well as funding rounds. Who needs Security Yearbook when you have this?
The highlights:
In 2025, $96B deployed across 400 M&A transactions – both the highest marks ever
❑ Deal value was up 270% in 2025, while deal volume was up 22%
❑ Q1 2025 marked the largest pure play cybersecurity M&A deal of all time for $32B (Google acquiring Wiz)
❑ Q2 2025 witnessed the highest quarterly transaction activity on record with 109 deals
❑ Q3 2025 witnessed the largest M&A deal volume ever with a total value of $44.2B
❑ Cloud-native / SaaS deals accounted for 59% of the volume and 97% of M&A capital deployed
❑ Strategics are back and retook the M&A mantle from Private Equity, accounting for 92% of disclosed M&A value and 59% of deal count
Four hundred transactions means that 10% of the entire industry turned over in one year. That is amazing.
What about new investments? Look at these numbers:
$20.7 billion invested, $2 billion more than IT-Harvest projected earlier in the year. That marks the best year in cybersecurity investments since the record 2021.
One of the most impressive things to me is the effort Momentum put into revamping their taxonomy. Here it is:
You can see the taxonomy applied to the vendors they track here. You can also download the massive infographic of 1,000 logos arranged to this taxonomy.
This is a momentous work. Congrats to the authors!
