Agrees to acquire a majority stake in Dragos, a leading operational technology cybersecurity platform
Also agrees to acquire runZero, a top asset intelligence and exposure assessment firm, and NetRise, a leader in device and software supply chain security
Building on its $10 billion cybersecurity business, Accenture is strengthening its position by acquiring a majority stake in Dragos and all of runZero and NetRise to deliver end-to-end OT security. This combined capability will help protect the critical infrastructure and industrial operations behind power grids, pipelines, manufacturing, distribution facilities, and data centers. The Dragos platform will expand to secure broader environments that controls physical processes, while Accenture’s deep OT security expertise, unique industrial datasets, and long-standing relationships with infrastructure operators will address a previously unaddressed at scale.
Dragos’ industry-leading OT threat detection, trusted vendor-neutral platform and proprietary dataset will be enhanced through the acquisitions of runZero and NetRise. The addition of runZero will bring comprehensive exposure assessment and attack-surface intelligence. NetRise will add a unique software supply chain dataset and firmware-level visibility into device exposure. Combining Dragos with runZero and NetRise will deliver a unified solution that enhances visibility, accelerates threat detection and response and strengthens Dragos’ ability to scale adoption of its broadened platform. Industrial and critical infrastructure operators will have one place to see everything on their OT network, understand what’s running on it and help stop what’s attacking it.
The expanding mix of critical assets, including industrial control systems, Internet of Things, sensors, cloud-connected devices and related IT infrastructure, makes up the extended high-growth operational technology environment known as “xOT.” With operational environments more connected than ever, AI is being integrated into industrial decision-making in ways that will expand xOT environments further over the next several years. AI is also being integrated into adversary operations in ways that compress the time between IT compromise and OT targeting. As geopolitical and AI-driven threats accelerate, most cybersecurity budgets remain focused on IT, leaving critical infrastructure xOT environments exposed. To address this imbalance, business and government leaders need to invest now in xOT cybersecurity that uses the right datasets to help defenders harness AI more effectively.
“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,” said Julie Sweet, chair and CEO, Accenture. “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.”
Led by Dragos co-founder and CEO Robert M. Lee, runZero and NetRise will operate under Dragos (based in Hanover, Maryland with 580 employees), which will continue to function as an independent business. HD Moore, CEO of runZero (based in Austin, Texas with 66 employees), Thomas Pace, CEO of NetRise (based in Austin, Texas with 57 employees), and Michael Scott, Chief Technology Officer & Chief Scientist at NetRise, will become key Dragos executives.
“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.”
Dragos works with the world’s leading technology companies, including through its strong collaboration with cloud platforms, as well as cybersecurity software companies and OT equipment manufacturers. Dragos will retain its vendor-neutral approach and its product roadmap to support customers’ complex, multi-vendor environments.
Transaction Builds on Accenture’s Track Record of Growth and Value Creation in Cybersecurity
Accenture has grown its cybersecurity business to $10 billion of revenue in fiscal year 2025 from $700 million of revenue in 2016. This represents a 35% compounded annual growth rate (CAGR), which is four times the rate of Accenture’s overall CAGR.
These acquisitions are expected to meaningfully expand Accenture’s position in the OT cybersecurity market from services, where Accenture is already an established leader in an estimated $7 billion OT cybersecurity services market, into the broader OT cybersecurity market through the addition of software capabilities—an estimated $27 billion opportunity in 2026, projected to grow to nearly $59 billion by 2031 at approximately 16% CAGR.
Together, Dragos, runZero and NetRise are estimated to generate approximately $208 million in annual recurring revenue as of June 2026, representing 53% year-over-year growth. The acquisitions deliver strong gross margins and, while initially dilutive, are expected to be accretive to earnings per share and free cash flow over time, positioning the business for long-term growth and returns.
Transaction Details
Accenture has entered into agreements to acquire a majority stake in Dragos and 100% of runZero and NetRise at a combined enterprise value of approximately $4.175 billion, subject to customary purchase price adjustments. The transactions are expected to close in August or September 2026, subject to customary closing conditions, including receipt of required regulatory approvals.
These acquisitions will build on more than a decade of investments from Accenture in OT cybersecurity, including the acquisitions of Cimation in 2015, Revolutionary Security in 2020 and other OT-focused companies like Callisto, Electro 80, True North Solutions and SYSTEMA.
