Accenture buys majority stake in Dragos in USD $4.2bn deal

Accenture has agreed to acquire a majority stake in Dragos and full ownership of runZero and NetRise in deals that value the three companies at about USD $4.175 billion.

The transactions combine a cyber security consulting group with three software businesses focused on operational technology, asset discovery and device security for industrial systems.

Dragos will continue to operate as an independent business under the leadership of co-founder and Chief Executive Officer Robert M. Lee. RunZero and NetRise will sit within Dragos after the deals close.

HD Moore, Chief Executive Officer of runZero, Thomas Pace, Chief Executive Officer of NetRise, and Michael Scott, Chief Technology Officer and Chief Scientist at NetRise, will join Dragos in senior roles.

The acquisitions centre on operational technology, the systems that monitor and control physical infrastructure such as power grids, pipelines, factories, distribution facilities and data centres. Accenture is seeking a larger position in that market as industrial operators face rising cyber risks across connected equipment, sensors, control systems and related IT networks.

Dragos, based in Hanover, Maryland, has 580 employees. RunZero and NetRise are based in Austin, Texas, with 66 and 57 employees respectively.

Market push

For Accenture, the deals expand a cyber security business that generated USD $10 billion in revenue in its 2025 financial year, up from USD $700 million in 2016. That equates to a compound annual growth rate of 35%, four times Accenture's overall growth rate over the same period.

Accenture is already established in operational technology security services and is now moving further into software. It estimates the operational technology cyber security services market at USD $7 billion, while the broader operational technology cyber security market is estimated at USD $27 billion in 2026 and projected to reach nearly USD $59 billion by 2031.

Together, Dragos, runZero and NetRise are estimated to generate about USD $208 million in annual recurring revenue as of June 2026, representing year-on-year growth of 53%.

Accenture said the acquisitions have 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.

Platform strategy

The combined business is intended to give industrial customers a single view of devices, software and threats across operational technology environments. Dragos focuses on threat detection in operational technology, runZero on exposure assessment and asset intelligence, and NetRise on firmware analysis and software supply chain security.

The enlarged Dragos platform will cover a wider operational environment, often described as xOT, including industrial control systems, internet-connected devices, sensors, cloud-linked assets and supporting IT infrastructure.

Accenture argued that more connected industrial systems, along with the use of artificial intelligence by both operators and attackers, are increasing the need for dedicated security tools in physical operations. It added that many cyber security budgets remain concentrated on conventional IT systems rather than operational environments.

Julie Sweet, Chair and Chief Executive Officer of Accenture, linked the acquisitions to client demand and the company's broader cyber security expansion.

"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," said Julie Sweet, Chair and Chief Executive Officer of Accenture.

Leadership and neutrality

Dragos said it would keep its vendor-neutral approach and maintain its existing product roadmap for customers operating mixed technology environments. The company works with cloud providers, cyber security software vendors and operational technology equipment manufacturers.

Lee said the three businesses would help create a broader offering for industrial customers.

"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. 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 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," said Robert M. Lee, co-founder and Chief Executive Officer of Dragos.

The agreement continues Accenture's longer run of acquisitions in operational technology security. Previous deals in that area have included Cimation, Revolutionary Security, Callisto, Electro 80, True North Solutions and SYSTEMA.

The three latest transactions remain subject to customary closing conditions, including regulatory approvals.