
CYBERSECURITY ALMANAC | 2022
We are pleased to provide you with Momentum Cyber’s Cybersecurity Almanac 2022 – the most comprehensive and accurate strategic data and insights available on the industry. Culled from analysis of over 3,500 Cybersecurity companies across the globe and strategic deal activity including IPOs, mergers and acquisitions (M&A), venture capital and private equity financings, and the market impact of news and events, the Cybersecurity Almanac chronicles the key trends which made 2021 a landmark and record smashing year for the industry including $77.5 billion in M&A volume and $29.3 billion in PE & VC investments.
“We are entering a new age of Cybersecurity risk that is testing our defenses across every commercial and government organization,” said Dave DeWalt, founder and managing director, Momentum Cyber and NightDragon Security. “It is the responsibility of defenders like us to keep investing in and nurturing innovation to combat this existential threat and ensure a safe and secure future for all.”
The foreword of this year’s Almanac features insights from Dave DeWalt, Gary Fish, and Robert Herjavec, three icons of the Cybersecurity industry. Gary and Robert’s companies, Fishtech Group and Herjavec Group, recently merged to form one of the largest managed security organizations in the world that will operate as a single entity under a new brand to be announced in early 2022.
Momentum Cyber will host Dave, Robert, Gary, and Bob Ackerman on February 24 at 10am PT for a live webinar to discuss the state of Cyber. They will recap themes they saw in 2021 across Cybersecurity, opine on challenges to address in the market, speak to trends in the MSSP & MDR space, and offer thoughts on what to expect in 2022 across the industry. The event is free to all to attend and you can register here.
Highlights include:
- M&A: 2021 saw a record setting year in strategic acquisitions, with a total of 286 transactions for $77.5 billion in aggregate disclosed value. The year saw 14 deals valued over $1 billion, the highest number of billion-dollar-plus deals to date. Security consulting and MSSPs continue to lead industry deal counts, while SecOps / IR / Threat Intel experienced 171% YoY increase, the largest of any sector.
- Investment In Cyber Is Keeping Pace With Threats: Total investment into Cybersecurity soared in 2021 more than doubling over the previous year. Investors poured $29.3 billion in total venture capital and PE financing across 1,000+ deals, up from $12.4 billion in 2020. Of the 1,042 total transactions, 82 were greater than $100 million and total financing value was up 136% over the year prior.
- Record Levels of IPO Activity And Valuations Signal Criticality Of Cybersecurity: The term “unicorn” is no longer reserved for a select few companies in Cyber with over 30 unicorns minted in 2021 versus 6 in 2020 and valuations were at record levels. There was also a flurry of IPO activity this past year as companies went public both via traditional routes and via SPAC. Major IPOs included KnowBe4, Darktrace, SentinelOne, Riskified, and ForgeRock, totaling $2.2 billion in gross IPO proceeds. Cybersecurity stocks consistently performed in line with the S&P 500 while outperforming the NASDAQ.
- Data Breaches: 2021 experienced an uptick in Cyberattacks while at the same time witnessing several devastating breaches. Attacks on core infrastructure grew, including a major disruption to the availability of fuel to millions of people with the shutdown of the Colonial Pipeline, interruption of food supply with an attack on JBS, and the crippling of the Irish health system. On top of that, supply chain attacks, like SolarWinds, Kaseya, and Microsoft Exchange, highlighted the dangers of our increasingly interconnected and technology dependent world. Significant vulnerabilities discovered and actively exploited in 2021, including the Log4j discovery and NSO’s zero-click exploitation spyware, reinforced this growing risk area and highlighted the need for new innovation to reinforce our defenses across every commercial and government organization.
- Trends & Predictions: Investors are now looking to 2022 with a focus. The shift to remote work sparked innovation in 2021 and many promising technologies and exciting trends have begun to take shape as we head into the new year including Cybersecurity’s emerging relationship with cryptocurrency and blockchain, the DevOps shift-left with a focus on catering to developers, managed detection and response, zero trust’s continued attention, and an expanding focus on ICS + OT as industrial security grows. While it remains to be seen how these sectors will evolve over the coming year, investors will certainly be paying close attention.
Recent Announcements
- Momentum Cyber Advises Infocyte On Its Acquisition By Datto
- Momentum Cyber Advises Fishtech Group On Its Merger With Herjavec Group
- Momentum Cyber Advises SecBI On Its Acquisition By LogPoint
- Momentum Cyber Advises RiskSense On Its Acquisition By Ivanti
- Momentum Cyber Advises Herjavec Group On Its Majority Acquisition By Apax Partners
- Momentum Cyber Advises Alcide On Its Acquisition By Rapid7
- Momentum Cyber Advises MistNet On Its Acquisition By LogRhythm
- Momentum Cyber Advises iboss On Its $145M Growth Financing Led By NightDragon & Francisco Partners
- Momentum Cyber Advises Goldman Sachs, ClearSky, and NightDragon On Their Acquisition of White Ops Cybersecurity
- Momentum Cyber Advises Goldman Sachs And ClearSky Security On Their Strategic Investment In White Ops
- Momentum Cyber Advises JASK on Its Acquisition by Sumo Logic
- Momentum Cyber to Support NTT’s Global Cybersecurity Strategy & Growth Initiatives
- Momentum Cyber Advises Interset on Its Acquisition by Micro Focus
- Momentum Cyber Served as Exclusive Financial and Strategic Advisor to RedLock
- Momentum Cyber Advises ADT and NightDragon on Their Strategic Investment in SAM Seamless Network
- Momentum Cyber Advises ADT on Its Acquisition of SDI
- Momentum Cyber Advises ICEBRG on Its Acquisition by Gigamon
- Momentum Cyber Advises Bradford Networks on Its Acquisition by Fortinet
- Momentum Cyber Advises Weblife on Its $60 Million Acquisition by Proofpoint
- Momentum Cyber Advises DATASHIELD on Its Acquisition by ADT
- Momentum Cyber Advises Cyphort on Its Acquisition by Juniper Networks
Momentum Cyber is the premier trusted advisor to the Cybersecurity industry providing bespoke high-impact advice combined with tailored, senior-level access. The firm was founded by world-class operators and advisors and caters to the unique needs of both earlier stage Founders, CEOs, & Boards as well as the complexity of later stage & public companies throughout their lifecycle. Headquartered in San Francisco with operations globally, the founding team has closed over 250 transactions totaling over $250 billion in value.
Recent Momentum Cyber Transactions


Francisco Partners Have Invested In Reciprocity
Role: Sell Side Sector: Risk & Compliance Size: $60,000,000 Location: San Francisco, CA Press Release
Mainsail Partners Have Invested In Apptega
Role: Sell Side Sector: Governance, Risk & Compliance Size: $37,000,000 Location: Atlanta, GA Press Release
Infocyte Has Been Acquired By Datto
Role: Sell Side Sector: Managed Detection & Response Size: Undisclosed Location: Austin, TX Press Release