Accenture to buy 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 transaction is intended to create a single operational technology cybersecurity business focused on critical infrastructure and industrial operations. Dragos will remain an independent business and will house runZero and NetRise within its structure.

Robert M. Lee, co-founder and chief executive officer of Dragos, will continue to lead the business. 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, are expected to join Dragos' leadership team.

Accenture is seeking to expand beyond operational technology cybersecurity services into software for the sector. It estimates the broader OT cybersecurity market will be worth USD $27 billion in 2026 and grow to nearly USD $59 billion by 2031.

Operational technology covers the systems that monitor and control physical processes in sectors such as power, water, pipelines, manufacturing, distribution and data centres. These environments now include a wider mix of industrial control systems, sensors, cloud-connected devices and linked IT infrastructure.

The deal reflects growing concern over attacks on critical infrastructure. As industrial environments become more connected and organisations introduce artificial intelligence into operations, security teams face a broader attack surface and less time to respond when intrusions move from IT systems to operational assets.

Dragos brings operational technology threat detection, while runZero adds asset intelligence and exposure assessment. NetRise contributes software supply chain analysis and visibility into firmware-level risks on connected devices.

According to Accenture, the three businesses are expected to generate about USD $208 million in annual recurring revenue as of June 2026, representing year-on-year growth of 53%.

Accenture has built a sizeable cybersecurity business over the past decade. Its cybersecurity unit reached USD $10 billion in revenue in fiscal 2025, up from USD $700 million in 2016.

Market expansion

The acquisitions mark a further push by Accenture into industrial and infrastructure security following earlier deals involving specialist firms in operational technology and industrial automation. The company already provides OT cybersecurity services and is now adding product businesses that extend its reach into software.

The move comes as governments and infrastructure operators face pressure to modernise ageing assets without increasing exposure to cyber threats. Many operators run mixed environments that combine legacy industrial systems with newer internet-connected equipment, creating visibility and patching challenges.

Accenture said the Dragos platform will broaden its coverage across these connected environments. Dragos will also keep its vendor-neutral approach and continue supporting customers operating multi-vendor systems.

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.

Julie Sweet, chair and chief executive officer of Accenture, linked the transaction to client demand for a more integrated response to cyber risk in industrial settings.

"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 chief executive officer of 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."

Lee said the deal addresses the risks facing essential services and the need to reduce fragmentation in security tools.

"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 chief executive officer of Dragos. "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."