The headline cybersecurity merger and acquisition (M&A) news in July came with Palo Alto Networks’ announcement that it had reached a definitive agreement to acquire identity security firm CyberArk for $25bn.
The deal, if completed, will become the second biggest cybersecurity acquisition on record, following Google’s agreement to buy Wiz for $32bn in March 2025.
Palo Alto also completed its acquisition of AI security specialist Protect AI on July 22.
In a busy month, major deals were also announced by Darktrace and Orange Cyberdefense.
LevelBlue to Acquire Trustwave to Grow MSSP Capabilities
Managed security services provider (MSSP) LevelBlue entered into a definitive agreement to acquire Trustwave, a managed detection and response (MDR) services firm. Trustwave is currently owned by private equity fund the MC2 Security Fund. The deal, announced on July 1, is set to create the largest pureplay MSSP in the industry. It comes just three weeks after LevelBlue agreed to acquire Aon’s cybersecurity consulting business.
Zurich Completes Purchase of Cyber Insurance Specialist BOXX
On July 3, Zurich Insurance Group announced the acquisition of cyber insurance and risk management service BOXX Insurance. The integration of BOXX, which will continue to operate under its own brand, will enable Zurich to provide retail and SME cyber insurance and services globally.
Signicat Acquires Identity Verification Specialist
Signicat has announced the acquisition of Inverid, a Dutch provider of NFC-based digital identity verification solutions, for an undisclosed fee. Announced on July 14, Signicat will use Inverid’s flagship solution, ReadID, to strengthen its digital identity platform. Existing shareholders will reinvest a substantial part of the financial consideration in Signicat.
DigitalXRAID Acquired by Private Equity Firm
Private equity firm Limerston Capital announced the acquisition of MSSP DigitalXRAID on July 16. The deal is the second cybersecurity acquisition by Limerston in two months, following the purchase of CyberCrowd in May. DigitalXRAID’s capabilities will help scale the Group’s existing capabilities in areas such as cyber consultancy, pen testing and security operations center (SOC) services.
Darktrace Acquires Mira Security
UK-based AI cybersecurity firm Darktrace has acquired Mira Security, a network traffic visibility solutions specialist. The deal, announced on July 21, will enable Darktrace to gain more insight from encrypted network traffic. Mira’s engineering team will join Darktrace’s R&D division as part of the transaction.
Palo Alto Networks Completes Protect AI Purchase
On July 22, Palo Alto Networks revealed that it had completed its acquisition of Protect AI, first announced in April 2025. Founded in 2022, Protect AI specializes in securing AI applications and models. The deal is designed to establish Palo Alto as the definitive standard for comprehensive AI security. The financial terms of the deal have not been disclosed.
Orange Cyberdefense Deal Expands Presence in Switzerland
Orange Cyberdefense, the cybersecurity subsidiary of French telecoms giant Orange, acquired Swiss firm ensec for an undisclosed fee. The targeted acquisition, finalized on July 23, is designed to expand Orange Cyberdefense’s presence in German-speaking Switzerland, while complementing its footprint in the French-speaking part of the country.
SecurityBridge Acquires MFA and SSO Provider CyberSafe
SecurityBridge announced the acquisition of UK-based company CyberSafe on July 23. The transaction aims to enrich SecurityBridge’s platform capabilities by incorporating CyberSafe’s multi-factor authentication (MFA) and single sign-on solutions for SAP users.
Commvault to Buy AI Security Specialist Satori
Data protection provider Commvault announced on July 24 its intent to buy AI security firm Satori. Commvault will use the acquisition to help customers support compliance requirements and mitigate risks around sensitive data, including addressing large language model (LLM)-specific concerns. The acquisition is expected to close in August 2025.
Axonius Acquires Medical Device Security Specialist
On July 29, Axonius announced it had acquired medical device security specialist Cynerio for more than $100m in a cash and stock transaction. The deal is designed to expand Axonius’ presence in healthcare, where the growing proliferation of connected devices has significantly increased cyber risks for suppliers.
Palo Alto Networks Agrees $25bn CyberArk Acquisition
In the biggest M&A news of the month, Palo Alto Networks announced it had entered into a definitive agreement to purchase CyberArk for approximately $25bn. The transaction, announced on July 30, will mark Palo Alto’s formal entry into identity security, establishing this area as a core pillar of the company’s multi-platform strategy. The deal is expected to close during the second half of Palo Alto Networks' fiscal 2026, subject to the satisfaction of customary closing conditions, including the receipt of regulatory clearances and approval by CyberArk shareholders.
Image credit: Michael Vi / Shutterstock.com