Accenture has agreed to acquire a majority stake in operational technology (OT) cybersecurity specialist Dragos, alongside acquisitions of asset intelligence company runZero and software supply chain security firm NetRise, as it moves to broaden its OT security offerings for critical infrastructure and industrial environments.
The company said the transactions are intended to create an end-to-end cybersecurity platform covering power grids, manufacturing facilities, pipelines, distribution facilities and data centres, with a focus on what it described as the expanding “xOT” environment that includes industrial control systems, IoT, sensors, cloud-connected devices and related IT infrastructure.
Under the proposed structure, Dragos will continue to operate as an independent business. Dragos CEO and co-founder Robert M. Lee will lead the combined operations, with runZero CEO HD Moore, NetRise CEO Thomas Pace and NetRise CTO and chief scientist Michael Scott expected to become Dragos executives. Dragos is based in Hanover, Maryland and has 580 employees, while runZero and NetRise are based in Austin, Texas with 66 and 57 employees respectively, according to Accenture.
Accenture said the combined capabilities of the three companies would bring together OT threat detection, asset intelligence and exposure assessment, and software supply chain and firmware-level visibility. The company said this would give operators greater visibility across OT networks and support faster detection and response.
Accenture linked the deals to rising geopolitical risk and the increasing integration of AI into both industrial environments and adversary operations, arguing that many security budgets remain focused on IT while OT environments become more connected and exposed.
“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 Accenture chair and CEO Julie Sweet. “Our clients across industries and regions are asking us how to be more proactive and integrated in their approach to cybersecurity.”
Dragos’ Lee said the acquisitions aimed to address what he described as fragmented approaches to OT security. “Organisations need solutions, not a patchwork of software and services,” he said.
Accenture said the three companies are estimated to generate about $208 million in annual recurring revenue as of June 2026, representing 53% year-over-year growth. It added that the acquisitions are expected to be initially dilutive but accretive to earnings per share and free cash flow over time.
Accenture said it has entered into agreements to acquire a majority stake in Dragos and 100% of runZero and NetRise at a combined enterprise value of approximately $4.175 billion, subject to customary adjustments. The transactions are expected to close in August or September 2026, subject to customary closing conditions including regulatory approvals.
