Accenture announced Thursday it would acquire a majority stake in industrial cybersecurity firm Dragos for $3.25 billion and purchase two smaller security companies outright, essentially making a $4.18 billion bet that defending the IT networks of power grids, pipelines, factories and critical infrastructure sectors will become one of the defining challenges of the AI era.
The deals — which also include two Austin, Texas-based companies, runZero and NetRise — represent a significant strategic pivot for Accenture toward operational technology (OT) security, a segment of the cybersecurity market that has long been underfunded relative to traditional IT defenses. The announcement comes as the consulting giant faces pressure on its core business from the same AI tools reshaping the threat environment it is now moving to address.
Dragos, founded in 2016 by former intelligence specialists and based in Hanover, Maryland, has built what the industry regards as a leader detecting threats in OT environments. Its proprietary dataset of industrial threat intelligence has made it a trusted partner to critical infrastructure operators globally.
RunZero specializes in asset discovery and attack-surface intelligence — essentially mapping what is connected to a network and identifying where it is exposed. NetRise focuses on firmware-level visibility and software supply chain security, areas that have drawn increased scrutiny since high-profile incidents revealed how deeply embedded vulnerabilities can propagate through industrial device ecosystems.
Dragos co-founder and CEO Robert M. Lee will continue leading the combined entity, which will operate as an independent business under Accenture’s ownership. The CEOs of runZero and NetRise, HD Moore and Tom Pace, respectively, along with NetRise’s chief technology officer Michael Scott, will join Dragos as senior executives.
The acquisitions are not Accenture’s first move in OT security. The company acquired Cimation in 2015 and Revolutionary Security in 2020, along with several other OT-focused firms.
Thursday’s deal, however, is of a different scale and ambition. Where previous acquisitions built out Accenture’s services capabilities, the addition of Dragos, runZero and NetRise moves the company firmly into OT cybersecurity software, a market it had not previously entered at scale.
Accenture and Dragos describe this expanding environment — which also encompasses Internet of Things devices, cloud-connected sensors and related IT infrastructure — as “xOT.” The concern is that as AI is integrated into industrial decision-making, the attack surface grows. At the same time, adversaries are using AI to shorten the window between compromising an IT network and pivoting to OT systems underneath it.
Despite that convergence, most cybersecurity budgets remain concentrated on traditional IT, leaving critical infrastructure comparatively exposed. The OT cybersecurity services market is estimated at roughly $7 billion in 2026. The broader OT cybersecurity market, which includes software, is estimated at $27 billion this year and projected to reach nearly $59 billion by 2031, growing at approximately 16% annually.
“Our energy and water systems, manufacturing plants, data centers 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,” Lee said in a release. “Organizations 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 defense, 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, pending customary regulatory approvals.
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