Accenture has agreed to acquire a majority stake in Dragos along with full ownership of runZero and NetRise as part of a roughly $4.2bn plan to expand its position in operational technology (OT) cybersecurity.
The acquisitions are expected to close in August or September 2026, pending regulatory approvals and other customary conditions.
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Accenture’s move is designed to offer an integrated security platform for critical infrastructure and industrial operations, such as power grids, pipelines, manufacturing, distribution facilities and data centres.
This strategy is aimed at combining Dragos’ OT threat detection with the network visibility and firmware analysis provided by runZero and NetRise inside a unified platform.
Accenture states the Dragos Platform will be extended to support larger and more diverse operational technology environments, including those with internet-connected and cloud-integrated systems.
The integration will use industrial datasets and draw on Accenture’s experience with critical infrastructure as well as the expertise from all three acquired companies.
Industrial operators will gain a single interface for asset visibility, exposure assessment, threat detection, and incident response across complex xOT networks.
Accenture has outlined a rationale for the deal based on the evolving risks of the so-called “xOT” landscape, which includes traditional industrial systems, IoT, new sensors and cloud-linked devices. This sector is seeing increased connectivity and integration of artificial intelligence both in industrial workflows and in adversary activity.
Accenture’s messaging indicates that, as these trends accelerate, targeting OT cyber threats has become a higher priority for governments and businesses. Cybersecurity budgets have historically focused on IT rather than OT environments.
Dragos, based in Hanover, Maryland, has 580 employees and will continue to operate as an independent business under its existing leadership team.
runZero and NetRise, both headquartered in Austin, Texas, have 66 and 57 employees, respectively. Key executives from runZero and NetRise will join the Dragos leadership structure following closing.
The company expects Dragos, runZero and NetRise together to generate approximately $208m in annual recurring revenue by June 2026. This projection represents a 53% increase year-on-year.
Accenture reports that these transactions are initially dilutive but are anticipated to become accretive to earnings per share and free cash flow in the longer term.
The firm’s expanded capabilities will move it beyond services, where it already operates in a $7bn OT cybersecurity services market, and into OT cybersecurity software, estimated at $27bn in 2026 and projected to approach $59bn by 2031.
Accenture has pursued a sequence of investments in OT cybersecurity. Previous acquisitions include Cimation in 2015, Revolutionary Security in 2020, and companies such as Callisto, Electro 80, True North Solutions and SYSTEMA.
Accenture chair and CEO Julie Sweet said: “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.
“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.”
In a separate announcement, Accenture reported its financial results for the third quarter of fiscal 2026 with revenues of $18.7bn, which is $1.0bn higher than the same period of fiscal 2025. This marks a 6% year-on-year increase in US dollars and a 3% rise in local currency.
Third quarter net income totalled $2.39bn, up from $2.24bn in the same period of the previous year. The company reported an operating margin of 17.0%, which is an increase of 20 basis points.
Diluted earnings per share grew by 9% to $3.80. Free cash flow for the quarter was $3.6bn. New bookings reached $19.3bn, slightly below the $19.7bn booked in Q3 fiscal 2025.
Accenture now projects full-year revenue growth for fiscal 2026 of 3% to 4% in local currency, down from its earlier estimate of 3% to 5%. The company attributed the revised outlook largely to the effects of the West Asia crisis on its consulting segment.
Excluding an estimated 1% drag from US federal business, Accenture targets a 4% to 5% growth rate in local currency for fiscal 2026.
Full-year GAAP diluted earnings per share are expected to range from $13.38 to $13.50. Adjusted earnings per share are forecast between $13.78 and $13.90. Free cash flow is anticipated to be between $10.8bn and $11.5bn.
