Israel\u2019s cyber numbers from 2025 were staggering.<\/p>\n\n\n\n
We all know the big ones: Google acquired Wiz for $32 billion. Palo Alto Networks spent $25 billion to absorb CyberArk. ServiceNow bought Armis for $7.8 billion. When the final tally was complete, strategic mergers and acquisitions in the cybersecurity sector had reached $81 billion – more than four times the volume of the prior year, according to data compiled by Notable Capital and Morgan Stanley.<\/p>\n\n\n\n
For Oren Yunger, Managing Partner at Notable Capital and one of the architects of the firm\u2019s annual Rising in Cyber report, the significance of those deals runs deeper than just their valuations. \u201cThe ceiling has kind of been shattered,\u201d he told me.<\/p>\n\n\n\n
\u201cYou can build businesses that are just massive. You can do things that we, in the past, thought were unimaginable in cybersecurity,\u201d he added. \u201cCompanies should get acquired between $200-400 million dollars \u2014 that\u2019s the best you can do. Now we\u2019re seeing companies that really are paving the way to the next set of companies to go and build bigger and stronger.\u201d<\/p>\n\n\n\n
For much of the last decade, cybersecurity exits were measured in hundreds of millions, not the tens of billions we see today. The Wiz deal alone, which became the largest high-tech exit and business deal in Israel’s history, poses a new question to a new generation of founders: If they<\/em> could become a $32 billion business, what is possible for us<\/em>?<\/p>\n\n\n\n The M&A wave of 2025 coincided with a shift in how enterprises think about the AI era and the risks that come with it. In 2024 and early 2025, the defining question for enterprises deploying AI was whether they could build agents capable of autonomous action. Yunger now argues that that question has largely been answered and a new one has emerged.<\/p>\n\n\n\n