Accenture takes majority stake in Dragos

Accenture is taking a majority stake in operational technology (OT) cybersecurity provider Dragos, as well as full ownership of runZero and NetRise, at a combined enterprise value of approximately US$4.175 billion (A$5.96 billion).

The move comes just under a year after Accenture acquired CyberCX, the company's largest cyber security acquisition to date.

The Dragos' Platform, the company's OT threat detection platform, will expand to cover the extended environment that controls physical processes, as well as be enhanced through Accenture's acquisitions of runZero and NetRise.

The addition of runZero will bring exposure assessment and attack-surface intelligence, while NetRise will add a software supply chain dataset and firmware-level visibility into device exposure.

Combining Dragos with runZero and NetRise aims to deliver a unified solution that enhances visibility, accelerates threat detection and response and strengthens Dragos’ ability to scale adoption of its broadened platform. 

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, CTO and chief scientist at NetRise, will become key Dragos executives.

Dragos will retain its vendor-neutral approach and its product roadmap.

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

Accenture stated that 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.

“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, 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."

“Our energy and water systems, manufacturing plants, data centres 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 Lee.

“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 defence, 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.”

The transactions are expected to close in August or September 2026, subject to customary closing conditions, including receipt of required regulatory approvals.