2019 was another big year for mergers and acquisitions (M&A) in the cybersecurity industry. According to Momentum Cyber, more than 150 deals totaling more than $23 billion in value took place this year. Four billion-dollar deals have occurred in the security space this year, the same as in 2018.Technology M&A advisory firm Hampleton Partners\u2019\u00a0latest report shows that 30% of all deals were for security services providers, with identity and access management (22%), network and endpoint security (15%), and anti-malware (11%) rounding out the top four.Here are the ten largest cybersecurity M&A deals from 2019 and an early look at what to expect in 20201. Broadcom buys Symantec's enterprise security business for $10.7 billionBroadcom, which spent $18.9 billion buying CA Technologies in 2018, this year acquired Symantec's enterprise security business for $10.7 billion \u2014 by far the year's largest acquisition in the security market.Broadcom CEO Hock Tan has said he plans for the company to focus on Global 2000 organizations as small- to medium-sized businesses (SMBs) are less \u201csticky.\u201d Symantec retained its consumer-facing brands including LifeLock and Norton and has rebranded to NortonLifeLock.\u201cBroadcom is functioning less as a strategic product provider and more as a financial investor. This isn't a product-synergy move,\u201d explains Henrik Jeberg, director at Hampleton Partners. \u201cRather, Broadcom sees Symantec's struggles in a growth market as an opportunity to optimize returns on an underperforming asset. Reducing costs and improving sales are only the tactical part of the challenge. Strategically, the Symantec of tomorrow will have to make hard choices to embrace, on the one hand, a future defined by cloud and cloud-native technologies, and internet of things (IoT).\u201d2. Thales completes its acquisition of Gemalto for $5.4 billionFirst announced in late 2017, the acquisition for the digital security provider could only be completed this year after Thales had offloaded hardware security module company nCipher to Entrust. Gemalto will be renamed Digital Identity and Security (DIS) and will be one of Thales\u2019s seven global divisions.3. Francisco Partners and Evergreen Coast Capital Corporation buy LogMeIn for $4.3 billionOne of many private equity deals in the list, PE firms Francisco Partners and Evergreen announced in late December that they had acquired collaboration software provider LogMeIn for $4.3 billion. Included in the deal was password manager LastPass, which LogMeIn bought for $110 million in 2015.\u201cWe believe our partnership with Francisco Partners and Evergreen will help put us in a position to deliver the operational benefits needed to achieve sustained growth over the long term,\u201d LogMeIn CEO Bill Wagner said in a statement.Fransisco Partner\u2019s CEO Dipanjan Deb added that the deal \u2018builds on the strength of the firm\u2019s infrastructure and security software franchise\u2019 which currently includes\u00a0Quest, One Identity, BeyondTrust, SonicWall and WatchGuard.4. Thoma Bravo buys Sophos for\u00a0$3.9 billionFollowing a busy 2018, spending a collective $4.75 billion acquiring Imperva, Barracuda Networks and Veracode, Thoma Bravo slowed its pace in 2019, acquiring UK-based Sophos for $3.9 billion.\u201cThe acquisition will put Sophos \u2014 a company that until now primarily targeted the mid-market segment \u2014 on the fast lane towards developing next-gen cybersecurity solutions for the enterprise,\u201d says Jeberg.Sophos itself had been busy in 2019, snapping up San Francisco-based cloud security startup Avid Secure, endpoint security platform DarkBytes, and MDR provider Rook Security.This, along with Insight Venture Partners buying Recorded Future (more on that below) and Sonatype, continues the recent trend of private investment firms seeing a lot of value \u2014 or at least profit potential \u2014 in the cybersecurity space. Hampleton Partners reports that nearly 13% of security M&A deals in 2019 were by private equity firms, a higher proportion than any other year this decade.\u201cSophos will be the tenth cybersecurity\/identity and access management company to join Thoma Bravo\u2019s ranks in the last three years, the beginning of which started with the McAfee acquisition in 2017. In 2018, it acquired Barracuda Networks, a company noted for its network and cloud security prowess, and therefore a direct competitor of Sophos.5. VMware buys Carbon Black for $2.1 billionVirtualization giant VMware has been slowly increasing its security product portfolio over the last few years, but with the $2.1 billion acquisition of cloud-based endpoint protection provider Carbon Black, the company has become a full-blown security provider. The company has said Carbon Black will \u201cform the nucleus\u201d of VMware\u2019s security offerings going forward.\u201cIn purchasing the agent-based endpoint security vendor, VMware is looking to expand its visibility across IT systems,\u201d says Jeberg. \u201cThat's already a key aspect of security and one that will likely become more important as communication becomes increasingly encrypted and endpoints become increasingly varied.\u201dVMware also bought Intrinsic, a San Francisco-based security start-up focusing on serverless computing in 2019.6. OpenText buys Carbonite for $1.42 billion, and Carbonite buys Webroot for $618 millionIn February, cloud backup and recovery firm Carbonite acquired endpoint security and threat intelligence provider Webroot for $618.5 million in an effort to unify data protection and cyber security technologies. By November, Canadian information management company OpenText announced it had acquired Carbonite for $1.42 billion to build on its current security portfolio and appeal more to the SMB market."This acquisition will further strengthen OpenText as a leader in cloud platforms, complete endpoint security and protection,\u201d said CEO and CTO Mark Barrenechea, \u201cand will open a new route to connect with customers."\u201cCarbonite ranks among the largest cloud backup vendors, with a focus on the SMB and prosumer markets,\u201d says Jeberg. \u201cThis deal should enable OpenText to leverage Carbonite's existing offerings and go-to-market channel, while potentially helping the buyer integrate data backup and endpoint-protection capabilities into its existing security offering.\u201d7.\u00a0F5 buys Shape Security for $1 billionAn acquisition announced very late in the year, Seattle-based F5 revealed that it was buying Santa Clara startup Shape Security for\u00a0$1 billion in cash. Shape provides a number of solutions around application security and fraud prevention."Shape\u2019s machine learning and AI-powered capabilities will scale and extend F5\u2019s broad portfolio of application services," said\u00a0F5 President and CEO, Fran\u00e7ois Locoh-Donou, "and expand our ability to optimize and protect customers\u2019 applications in an increasingly complex multi-cloud world.\u201d8. Jacobs Engineering Group buys KeyW Corp for $815 millionAmerican technical professional services firm announced in April it was acquiring KeyW, a professional engineering services provider, for $815 million. KeyW\u2019s cyber-services including \u201coffensive cyber operations,\u201d risk assessment, penetration testing, network hardening and training courses. Jacobs said it planned to integrate of KeyW into its aerospace, technology and nuclear business to expand its offerings around intelligence, cyber and counterterrorism9. Insight Venture Partners buys Recorded Future for $780 millionContinuing the previous year's heavy spending by investment firms in the security space, Insight Venture Partners bought threat intelligence provider Recorded Future for $780 million in May 2019. \u201cRecorded generates information to help customers better understand the external cyber threats they are facing. It\u2019s easy to see where a company like that could have value in today\u2019s world,\u201d explains Hampleton\u2019s Jeberg.Cybersecurity is one of the key fields of interest for Insight, with Insight partner Teddie Wardi previously saying the company believes \u201cit is possible to build giant companies in this sector.\u201dInsight Venture Partners has a large portfolio of security companies including ownership or investment in Tenable, OneTrust, Thycotic, Darktrace and SentinalOne. According to Insight, the two companies will \u201cleverage Insight's deep experience and internal consulting arm, Insight Onsite, to further its technical and product vision through a range of growth-oriented activities.10. Orange buys SecureLink for\u00a0$577 millionFollowing AT&T\u2019s acquisition of AlienVault for around $600 million last year, 2019 saw another telco making major moves into the security consulting space with Orange buying Dutch managed security services provider SecureLink for just over half a billion Euros. This, along with the company\u2019s purchase of the UK\u2019s SecureData in February, has made the company a large player in the European security consulting space almost overnight.\u201cTelecos have been diversifying beyond core ISP business for a while, especially Orange which has had a string of business services acquisitions recently,\u201d explains Jeberg. \u201cI believe there are two interacting major forces in play: First the more commoditized the raw data transport becomes, the more the push for differentiating moves. Second is that cybersecurity will be not only a differentiating factor from a marketing standpoint, it is simply a need for telcos to provide a safe mode of transport.\u201dOther notable cybersecurity acquisitionsMost of the big security firms made deals in 2019 in what Jeberg describes as \u201csmaller, tuck-in acquisitions\u201d that boost their overall security offerings:Palo Alto bought Demisto for $560 million and PureSec for $410 million.Fortinet bought California-based endpoint security provider enSilo.Trend Micro spent $70 million on Australian cloud security startup Cloud Conformity.McAfee bought container security startup NanoSec.FireEye acquired\u00a0security instrumentation vendor Verodin.Check Point bought web application and API startup ForceNock.Proofpoint spent close to $400 million in 2019 \u2014 $225 million on ObserveIT to extend its data loss prevention offering and $120 million for zero-trust access provider Meta Networks.In the telecom space, NTT Security, Dimension Data and NTT Communications were folded into a new technology services banner of NTT Ltd. (NTT also bought application security provider WhiteHat Security but plans to keep it as a standalone business.) Comcast announced it acquired Virginia-based BlueVector.Two private firms bought groups of smaller security companies and rolled their capabilities into new firms. Australian private equity firm BGH Capital launched a new cyber consulting firm called CyberCX after acquiring 12 Australian MSSPs \u2013 Alcorn, Assurance, Asterisk, CQR, Diamond, Enosys, Klein&Co., Phriendly Phishing, Sense of Security, Shearwater, TSS and YellIT \u2013 and rolling them into one company.Investment firm Sunstone Partners completed a triple acquisition of Terra Verde Security, TruShield Security Solutions and Sword and Shield Enterprise Security and then combined the three to create a new managed cybersecurity services entity called Avertium. \u201cAvertium will focus its comprehensive expertise on supporting mid-to-large enterprises, making it one of the largest managed cybersecurity services companies focused on this market,\u201d says Jeberg.HP Inc. bought endpoint security start-up Bromium and has said it plans to combine its virtualization-based security technology into HP's Sure Sense, Sure View and Sure Start products.Cisco announced it had acquired operational technology (OT) cybersecurity firm Sentryo for an undisclosed amount.While not an acquisition, Alphabet's security \u201cmoonshot\u201d company Chronicle was folded into\u00a0Google Cloud. While some viewed it as another product failure for the company, Jeberg thinks that the move makes strategic sense for Google Cloud, which he says has been \u201cbulking up its team as of late\u201d most recently by acquiring the data analytics company Looker.Cyber M&A in 20202019 was one of, if not the outright, busiest and most valuable years on record for cybersecurity M&A activity. Hampleton Partners predicts that acquisitions will continue at a high level as incumbents battle to complete the \u201csingle pane of glass\u201d promise. Jeberg acknowledges that the rapid consolidation of many startups into existing large companies has its pros and cons for CISOs.\u201cThe move towards suites with broad, if not all-encompassing, functionality makes it easier to acquire and maintain the necessary bits and pieces to secure your environment and manage cyber risk,\u201d says Jeberg. \u201cHowever, it reintroduces the classic suite vs. best-of-breed discussion. CISOs will be married to one vendor, and it will be more difficult to pick and choose the best-suited individual components to satisfy their particular risk profile.\u201dThe largest deals of 2020 so far have been:Insight Partners buys Veeam for $5 billionSymphony Technology Group buys RSA for $2.075 billionAdvent International buys Forescout for $1.4 billionHellman & Friedman buys Checkmarx from Insight Partners for $1.15 billionInsight Partners buys Armis for $1.1 billionLexisNexis Risk Solutions buys Emailage for a reported $480 millionPalo Alto Buys CloudGenix for $420 millionLexisNexis Risk Solutions buys NortonLifeLock's ID Analytics Business for $375 millionWatchGuard Technologies buys Panda Security for a reported \u20ac250 million [~$286.5 million]Palo Alto buys\u00a0The Crypsis Group for $265 millionInvestcorp Technology Partners buys Avira for $180 millionMicrosoft buys CyberX for a reported $165 millionRapid7 buys Divvy Cloud for $145 millionHere's a list of disclosed cybersecurity M&A deals in 2020:August 24: Palo Alto Networks announced it would acquire incident response and digital forensics consulting firm\u00a0The Crypsis Group from ZP Group for $265 million. Palo Alto\u00a0said it plans to integrate The Crypsis Group's processes and technology into its Cortex XDR platform.August 24:\u00a0Kaseya announced it had acquired phishing protection provider Graphus for an undisclosed amount.August 13: Healthcare cybersecurity firm\u00a0MedCrypt Inc. bought\u00a0MedISAO, a provider of\u00a0cybersecurity information sharing for the medical device industry.August 6:\u00a0LogPoint announced it had acquired SAP security solution agileSI from Orange Cyberdefense for an undisclosed fee.July 30: In its second deal of the year, Mimecast acquired eTorch Inc, the owner of\u00a0messaging security provider MessageControl.\u00a0July 29:\u00a0Qualys announced that it had bought the software assets of Spell Security to bring endpoint behavior detection and additional telemetry to the Qualys Cloud Platform.July 20:\u00a0Fortinet acquired cloud security company OPAQ Networks. Fortinet plans to combine its\u00a0Security Fabric product with OPAQ\u2019s Zero Trust Network Access solution.July 16:\u00a0Acronis bought DLP provider DeviceLock.\u00a0Acronis said it will integrate DeviceLock\u2019s technology into the Acronis Cyber Platform while keeping the company wholly-owned subsidiary and continuing support for\u00a0DeviceLock DLP.July 14:\u00a0Managed security services provider CyberCX acquired Basis Networks.July 10: Datapath announced it had bought MSP Bright Bear Technology Solutions.July 9:\u00a0Herjavec Group revealed it had bought UK Identity Management firm Securience.July 1: VMware announced it had bought disaster recovery firm Datrium for an undisclosed amount.June 30: OneTrust acquired data discovery firm\u00a0Integris Software.June 24: Atos bought Managed Detection and Response firm Paladion for an undisclosed fee.June 23:\u00a0Siemens Digital Industries (DI) acquired UltraSoC, a Cambridge, UK-based System on Chip security startup.\u00a0Siemens plans to integrate UltraSoC's technology into the Xcelerator portfolio as part of Mentor's Tessent software product suite.June 22: Microsoft announced it had bought CyberX, a specialist IIoT and OT security firm for a reported $165 million.\u00a0June 15: IBM bought\u00a0Spanugo, a cloud security firm serving the\u00a0financial services sector. Spanugo will be rolled into IBM's financial services public cloud to assist clients' compliance efforts.June 11: GitLab announced a double acquisition in application security testing firm Peach Tech and\u00a0continuous fuzz testing solution Fuzzit.June 4: VMware announced it had bought LastLine and planned to incorporate its malware detection capabilities into\u00a0Carbon Black's Threat Analysis Unit and the VMware NSX team.June 2: Thoma Bravo acquired secure business partner management firm\u00a0Exostar.\u00a0\u00a0June 2: Thycotic announced it had bought\u00a0privileged access management provider Onion ID for an undisclosed amount.May 28:\u00a0Zscaler announced its second acquisition of the year in application authentication startup Edgewise Networks.May 21: Information archiving firm Smarsh announced it had bought Entreda, a cyber-risk and compliance specialist in the wealth management industry. Entreda will continue to operate as a stand-alone, wholly-owned subsidiary.May 21:\u00a0Open Systems acquired Azure security specialist Born in the Cloud for an undisclosed amount.May 20:\u00a0Singaporean startup Responsible Cyber bought digital identity specialist Secucial for $7 million.May 14: Venafi announced it had acquired\u00a0UK-based Kubernetes training and services provider Jetstack.\u00a0May 13: Code quality and security firm SonarSource announced it had bought static application security testing startup RIPS Technologies.May 13:CyberArk acquired Identity as a Service provider Idaptive in a deal worth $70 million.May 13: VMWare revealed it has bought\u00a0Octarine, a\u00a0security platform for Kubernetes applications, for an undisclosed fee.\u00a0Octarine technology will be embedded into the VMware Carbon Black Cloud.May 7: Under-fire video app Zoom announced it had bought end-to-end encryption messaging and file-sharing startup Keybase for an undisclosed fee and plans to offer end-to-end encrypted meeting mode to all paid accounts in the future.April 28: Rapid7 announced it had acquired cloud security posture management company Divvy Cloud for around $145 million.April 21:\u00a0Terahash, a provider of\u00a0password cracking software and appliances, acquired the\u00a0L0phtCrack password auditing software. The company plans to\u00a0integrate L0phtCrack with its own Hashstack software.April 16: SOAR startup Swimlane acquired incident response firm\u00a0Syncurity Corporation for an undisclosed amount.April 16:\u00a0Auriga revealed it had bought the Lookwise Device Manager business unit from European MSSP S21sec. Terms were not disclosed.April 9: Private equity firm Investcorp Technology Partners acquired Germany antivirus company Avira for $180 million.April 9: Zscaler announced it had bought Cloudneeti for an undisclosed fee. Cloudneeti's cloud misconfiguration detection and remediation technology will be integrated into Zscaler's\u00a0Cloud Security platform.April 7:\u00a0Accenture acquired US cybersecurity startup Revolutionary Security, its third security purchase of the year. Terms were not disclosed.March\u00a031: In its first acquisition of the year, Palo Alto announced it was buying SD-WAN provider CloudGenix\u00a0for $420 million. The company plans to integrate CloudGenix\u2019s cloud-managed SD-WAN products into its Prisma Access package.March 16: Hellman & Friedman bought Checkmarx from Insight Partners for $1.15 billion.March 16: Deloitte acquired Australian security consulting firm Zimbani for an undisclosed fee.March 12: Auth0 announced its first acquisition in\u00a0Apility.io, an API-security startup that identifies blacklisted IP addresses, domains, and email addresses. Terms were not disclosed.March 11: SOC service provider OutSOC made its first acquisition in\u00a0SIEMPlexus Technology. Terms were not disclosed.March 9: WatchGuard Technologies announced it would acquire Spanish endpoint security firm Panda Security. The two companies have said they will consolidate security services under the single WatchGuard brand. Terms were not disclosed but Panda was reportedly valued at around \u20ac250 million [~$286.5 million].March 6: Accenture revealed it had bought UK cybersecurity consultancy firm Context Information Security from Babcock International Group\u00a0for an undisclosed amount.February 24: McAfee announced it had bought browser isolation startup\u00a0Light Point Security. Terms were not disclosed but Light Point will be integrated into Secure Web Gateway and\u00a0MVISION UCE products.February 24: German cybersecurity firm Utimaco GmbH acquired cryptographic key management firm Geobridge Corporation for an undisclosed price.February 20: In its first acquisition, Nominet announced it had bought Boston-based network security startup CyGlass for an undisclosed amount.February 18:\u00a0Private equity firm Symphony Technology Group announced it had acquired RSA from Dell Technologies for $2.075 billion. The all-cash deal includes RSA Archer, RSA NetWitness Platform, RSA SecurID, RSA Fraud and Risk Intelligence, and the RSA Conference.February 11: Behavioral biometrics company BioCatch acquired biometric authentication platform provider AimBrain.February 6: Private equity firms Advent International and Crosspoint Capital acquired for $1.9 billion. This price was later lowered to\u00a0$1.43 billion.February 5: Relx subsidiary\u00a0LexisNexis Risk Solutions announced it had bought fraud prevention and identity verification startup Emailage for a reported\u00a0$480 million and will\u00a0become a part of the company's Business Services group.February 5:\u00a0Insurance broker Aon reported it has acquired incident response firm Cytelligence Inc.February 3: HPE bought zero-trust identity startup Scytale for an undisclosed amount.February 3:\u00a0SafeSwiss Secure Communication AG announced it acquired end-to-end encrypted email provider Secure Swiss Data.January 30:\u00a0Quantum communication startup Qubitekk bought the\u00a0Quantum Key Distribution (QKD) patent portfolio of British defense company QinetiQ.January 30: Avast announced it was winding down its\u00a0Jumpshot Inc subsidiary after the company was found to be selling user data.\u00a0January 22:\u00a0Cyber insurance provider Coalition acquired internet scanning and threat intelligence; startup BinaryEdge. The terms were not disclosed. BinaryEdge's technology will be integrated into Coalition's cyber risk management platform.January 21: FireEye revealed it had bought cloud security startup Cloudvisory for an undisclosed amount. The deal will see FireEye add cloud workload security capabilities to its Helix solution.January 15: PE firm\u00a0Skyview Capital announced it had acquired\u00a0Fidelis Cybersecurity for an undisclosed fee.\u00a0January 14:\u00a0Deloitte acquired\u00a0Kuala Lumpur-based cybersecurity advisory firm SecurePath. The company will be rolled into Deloitte's\u00a0Risk Advisory practice in Malaysia.January 14: Wind River bought\u00a0Star Lab, an embedded security startup specializing in Linux. Terms of the deal were not revealed but Star Lab will become a\u00a0wholly-owned subsidiary.January 14:\u00a0Cellebrite announced its acquisition of Californian digital forensics provider BlackBag Technologies for $33 million.January 14:\u00a0LexisNexis Risk Solutions bought\u00a0NortonLifeLock's ID Analytics Business for $375 million. The company will become part of the LexisNexis Risk Solutions Business Services group.January 13:\u00a0LogicMonitor acquired Swedish IT infrastructure monitoring startup Unomaly for an undisclosed amount.January 10: New York City-based\u00a0risk consulting firm Kroll announced it had bought\u00a0RP Digital Security, a Singapore-headquartered cyber forensics services provider. The company will join\u00a0Kroll\u2019s Asia Pacific Cyber Risk practice.January 9:\u00a0Synopsys acquired application testing startup Tinfoil Security for an undisclosed amount and plans to integrate its API testing capabilities into the\u00a0Polaris platform.January 9: Insight Partners made its second billion-dollar acquisition in a week in a $5 billion deal to acquire\u00a0backup and disaster recovery company Veeam.January 8: Industrial automation provider\u00a0Rockwell Automation acquired Israeli OT cybersecurity services provider\u00a0Avnet Data Security for an undisclosed amount.January 7: Cloudflare announced it had bought browser isolation startup\u00a0S2. The company said it expects to add S2\u2019s technology to its Cloudflare Gateway product.January 7: Accenture agreed to acquire\u00a0Symantec\u2019s Cyber Security Services business from Broadcom for an undisclosed amount.January 7:\u00a0Private equity investment firm Insight Partners made the first major cybersecurity deal of 2020 just a week into the new year, buying\u00a0IoT security firm Armis for $1.1 Billion.January 6: Mimecast acquired Sagasec, a startup that protects against phishing and fraud attacks, for an undisclosed amount thought to be around\u00a0$40 million.