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April 2026
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Largest Cybersecurity Public Companies
Benchmark revenue and EBITDA valuation multiples for public comps like
IBM, Palo Alto Networks, CrowdStrike, Cloudflare and Fortinet.
 | Incorporated in 1911, International Business Machines, or IBM, is one of the oldest technology companies in the world. It provides software, IT consulting services, and hardware to help business customers modernize their technology workflows. IBM operates in 175 countries and employs approximately 300,000 people. The company has a robust roster of business partners to service its clients, which includes 95% of all Fortune 500 companies. IBM’s products, including Red Hat, watsonx, and mainframes, handle some of the world’s most important data workloads in areas like finance and retail. | $232 | -10% | $218B | $276B | 4.1x | 16.0x | ||
| Palo Alto Networks is a platform-based cybersecurity vendor with product offerings covering network security, cloud security, and security operations. The California-based firm has more than 80,000 enterprise customers across the world, including more than three fourths of the Global 2000. | $181 | -6% | $147B | $143B | 15.5x | 49.6x | ||
| CrowdStrike is a cloud-based cybersecurity company specializing in next-generation security verticals such as endpoint, cloud workload, identity, and security operations. CrowdStrike’s primary offering is its Falcon platform that offers a proverbial single pane of glass for an enterprise to detect and respond to security threats attacking its IT infrastructure. The Texas-based firm was founded in 2011 and went public in 2019. | $456 | -3% | $116B | $111B | 23.1x | 85.8x | ||
| Cloudflare is a software company based in San Francisco, California, that offers security and web performance offerings by utilizing a distributed, serverless content delivery network, or CDN. The firm’s edge computing platform, Workers, leverages this network by providing clients the ability to deploy and execute code without maintaining servers. | $217 | +31% | $77B | $76B | 35.2x | 720.9x | ||
| Fortinet is a platform-based cybersecurity vendor with product offerings covering network security, cloud security, zero-trust access, and security operations. The firm derives a majority of its revenue through sales of its subscriptions and support-based business. The California-based firm has more than 800,000 customers across the world. | $86 | -15% | $63B | $61B | 8.9x | 23.8x | ||
| Zscaler is a software-as-a-service, or SaaS, firm focusing on providing cloud-native cybersecurity solutions to primarily enterprise customers. Zscaler’s offerings can be broadly partitioned into Zscaler Internet Access, which provides secure access to external applications, and Zscaler Private Access, which provides secure access to internal applications. The firm is headquartered in San Jose, California, and went public in 2018. | $140 | -49% | $22B | $21B | 7.8x | 30.5x | ||
 | CyberArk is a provider of privileged access management solutions protecting enterprises worldwide. The company secures high-value assets like credentials, infrastructure, and applications against targeted cyber threats through its identity security platform. Serving over 8,000 organizations including 65% of Fortune 500 companies, CyberArk prevents attack escalation with tools for session monitoring, just-in-time access, and threat detection. Founded in 1999 with additional offices in Israel, the UK, France, Germany, the Netherlands, and Singapore, it operates in more than 65 countries and maintains a NASDAQ listing under CYBR. | $409 | -- | $21B | $20B | — | — | ||
| F5 is a market leader in the application delivery controller market. The company sells products for security, application performance, and automation. Its three customer verticals are enterprises, service providers, and government entities. Revenue is evenly split between its services business and products business with revenue trending toward products due to software adoption. The Seattle-based firm was incorporated in 1996, and went public in 1999. | $323 | +13% | $18B | $17B | 5.5x | 15.0x | ||
| Okta is a cloud-native security company that focuses on identity and access management. The San Francisco-based firm went public in 2017 and focuses on two key client stakeholder groups: workforces and customers. Okta’s workforce offerings enable a company’s employees to securely access its cloud-based and on-premises resources. The firm’s customer offerings allow its clients’ customers to securely access the client’s applications. | $76 | -27% | $13B | $11B | 3.9x | 14.1x | ||
| Check Point Software Technologies is a pure-play cybersecurity vendor. The company offers solutions for network, endpoint, cloud, and mobile security in addition to security management. Check Point, a software specialist, sells to enterprises, businesses, and consumers. Around 50% of revenue is generated in Europe, the Middle East, and Africa, 40% from the Americas, and 10% from the Asia-Pacific region. The firm, based in Tel Aviv, Israel, was founded in 1993 and has about 5,000 employees. | $115 | -50% | $12B | $11B | 4.1x | 9.8x | ||
| Gen is a cybersecurity pure-play that offers security, identity protection, and privacy solutions to individual consumers. The firm's cyber safety offerings, via brands such as Norton, Avast, and LifeLock, have long maintained their positions as some of the most recognizable consumer-focused security and identity-protection products. | $19 | -32% | $12B | $20B | 5.0x | 8.4x | ||
 | 360 Security Technology Inc is engaged in the research and development of Internet security technology, design, development, and promotion of Internet security products, as well as commercial services such as Internet advertising and services based on Internet security products, Internet value-added services, and smart hardware services. The company operates through two segments. The Internet and Smart Hardware Business segment covers Internet commercialization, such as advertising and services, value-added Internet businesses like AI products and game distribution, and smart hardware, including cameras, video doorbells, driving recorders, and children’s smartwatches. The Security Business segment focuses on digital security operations. | $2 | +13% | $11B | $8B | 6.6x | 50.2x | ||
| CACI International Inc is an information solutions and services provider, offering information solutions and services to its customers. The company's primary customers are agencies and departments of the U.S. government, which account for the vast majority of the firm's revenue. It provides information solutions and services supporting national security missions and government modernization for intelligence, defense, and federal civilian customers. Some of the services provided by the company are functional software development, data, and business analysis, IT operations support, naval architecture, and life cycle support intelligence among others. The company's operating segments are; Domestic operations and International operations. It derives key revenue from the Domestic segment. | $513 | +20% | $11B | $17B | 1.9x | 17.5x | ||
| Rubrik Inc is a company that offers data security solutions to organizations ranging from the largest companies world-wide to mid-sized smaller customers. Its platform is architected to help organizations achieve cyber resilience, which encompasses cyber posture and cyber recovery. It enables organizations to confidently accelerate digital transformation and leverage the cloud to realize business agility. Geographically, the company operates in the Americas, EMEA (Europe, the Middle East, and Africa) and APAC (Asia Pacific). It generates maximum revenue from Americas. | $55 | -42% | $11B | $11B | 8.2x | (39.7x) | ||
| Glory View Technology Co Ltd is engaged in providing smart city solutions, including smart medical care, smart education, smart community, smart buildings, smart government affairs, and smart parks in the three areas of smart people's livelihood, urban comprehensive management, and smart parks. | $46 | +416% | $7B | $7B | 23.0x | 135.3x | ||
| SailPoint Inc delivers solutions to enable comprehensive identity security for the enterprise. The company does this by unifying identity data across systems and identity types, including employee identities, non-employee identities, and machine identities. The SaaS and customer-hosted offerings of the company leverage intelligent analytics to give organizations critical visibility into which identities currently have access to which resources, which identities should have access to those resources, and how that access is being used. Its solutions enable organizations to establish, control, and automate policies that help them define and maintain a robust security posture and achieve regulatory compliance. | $12 | -32% | $7B | $6B | 6.0x | 32.2x | ||
| Clear Secure Inc is an identity company making experiences safer and easier digitally and physically. It is involved in creating a frictionless travel experience while enhancing security. Its secure identity platform uses biometrics to automate the identity verification process through lanes in airports, helping to make the travel experience safe and easy. The Company's operations are mainly focused on growing and maintaining its secure identity network across multiple offerings in both aviation and non-aviation channels. | $55 | +122% | $6B | $5B | 5.5x | 22.4x | ||
| SentinelOne is a cloud-based cybersecurity company specializing in endpoint protection. SentinelOne’s primary offering is its Singularity platform that offers a single pane of glass for an enterprise to detect and respond to security threats attacking its IT infrastructure. The California-based firm was founded in 2013 and went public in 2021. | $15 | -15% | $5B | $4B | 4.5x | (17.5x) | ||
 | Trend Micro Inc provides antivirus and other security products that protect the flow of information on PCs, file servers, e-mail servers, and the Internet gateway. The company operates through four geographic segments: Japan, North America, Europe, and Asia-Pacific. | $34 | -50% | $4B | $3B | 1.6x | 5.3x | ||
| CommVault Systems Inc provides data and information management software applications and services. The firm sells software licenses and services to large global enterprises, small- and midsize businesses, and government agencies through both its salesforce and its network of reseller partners. Its software solutions include Cleanroom Recovery, HyperScale X, Air Gap Protect, Compliance, Cloud Rewind, and Clumio Backtrack. The company operates in the United States and exports to many other countries. | $100 | -46% | $4B | $4B | 4.4x | 48.5x | ||
| Netskope Inc is redefining the security and networking of cloud and AI. The company has formed a cloud-native platform that offers converged security and networking services to enable fast and secure AI, cloud, and web access at the edge. | $10 | -- | $4B | $4B | 5.4x | (50.8x) | ||
| Cellebrite DI Ltd is an Israeli digital intelligence company that provides tools for federal, state, and local law enforcement as well as enterprise companies and service providers to collect, review, analyze, and manage digital data. Some of its products include Cellebrite UFED, Cellebrite Physical Analyzer, Cellebrite UFED Cloud, Cellebrite Frontliner, Cellebrite Responder, Cellebrite Premium, and Cellebrite Seeker. | $13 | -20% | $3B | $3B | 6.1x | 22.8x | ||
 | BlackBerry, once known for being the world’s largest smartphone manufacturer, is now exclusively a software provider with a stated goal of end-to-end secure communications for enterprises. The firm provides endpoint management and other secure communications software to enterprises, specializing in regulated industries like government and financial institutions. BlackBerry also has a sizable embedded software business primarily serving the automotive market, with some exposure to the industrial market. | $5 | +37% | $3B | $3B | 5.5x | 36.4x | ||
| Qualys is a cloud security and compliance solutions provider that helps businesses identify and manage their security risks and compliance requirements. The California-based company has more than 10,000 customers worldwide, the majority of which are small- and medium-size businesses. Qualys was founded in 1999 and went public in 2012. | $89 | -36% | $3B | $3B | 4.1x | 8.7x | ||
| Varonis Systems is a cybersecurity vendor focused on data privacy and security. The firm is currently undergoing a cloud transition as it weans its on-premises customers over to its cloud products that are delivered as software-as-a-service. The New York-based firm was founded in 2005 and went public in 2014. | $26 | -44% | $3B | $3B | 4.4x | 313.3x | ||
| Qi An Xin Technology Group Inc provides a new generation of enterprise-level network security products and services to government and corporate customers. | $4 | +1% | $3B | $3B | 5.1x | (22.9x) | ||
| Venustech Group Inc is a provider of network security products, trusted security management platform, as well as specialized security services and solutions in China. | $2 | +3% | $3B | $3B | 7.7x | (52.8x) | ||
| NetScout Systems Inc is a provider of service assurance and cybersecurity solutions to enterprise and government networks. It bases its solutions on proprietary adaptive service intelligence technology, which helps customers monitor and identify performance issues and provides insight into network-based security threats. These solutions also deliver real-time and historical information, which provides insight to restore service and understand the quality of user experience. The company derives revenue from the sale of network management tools and security solutions. Its geographical regions include USA, which derives maximum revenue, Europe, Asia, and Rest of the World. | $34 | +49% | $2B | $2B | 2.3x | 9.2x | ||
| Founded in 2002, Tenable is a cybersecurity company that began providing vulnerability management solutions under its Nessus software. In recent years, Tenable has expanded its portfolio to provide a broader range of exposure management modules. Solutions include cloud security and compliance, active directory management, operational technology security and advanced vulnerability analytics. The Maryland-based company went public in 2018. | $21 | -34% | $2B | $2B | 2.5x | 10.6x | ||
| AvePoint Inc provides customizable solutions to optimize SaaS operations, enable secure collaboration, and accelerate digital transformation across technologies and industries. Its Confidence Platform delivers a comprehensive set of cloud-based solutions enabling IT operations, development operations, and cybersecurity professionals to monitor and secure the digital workplace using SaaS tools. | $10 | -45% | $2B | $2B | 4.1x | 20.8x | ||
| CloudWalk Technology Co Ltd is engaged in the provision of efficient human-machine collaborative operating systems and industry solutions. It is a man-machine coordination platform, that provides users with cross-scene, cross-industry and personalized AI services, in the hope of building a more harmonious and warmer intelligent future. | $2 | +8% | $2B | $2B | 27.8x | (28.6x) | ||
| CETC Cyberspace Security Technology Co Ltd is a China-based company that offers security-related products and services. It provides professional and autonomous network information security solutions, products, and services. It offers password products, network security products, and security information systems. The group is committed to building a life-cycle security solution from chip to system for a party and government users. | $2 | -2% | $2B | $2B | 4.8x | 69.8x | ||
| A10 Networks Inc is a provider of secure application and network infrastructure solutions for enterprises and service providers across on-premises, hybrid cloud, and distributed environments. The company's offerings include application delivery and traffic management, distributed denial-of-service (DDoS) protection, application and API security, and centralized management. It serves customers across multiple industries, including telecommunications, technology, financial services, public sector, industrial, retail, gaming, and education. The majority of the company's revenue is derived from the sale of secure networking and cybersecurity solutions and related maintenance and support services. | $27 | +56% | $2B | $2B | 6.1x | 24.1x | ||
-- | — | $13 | -- | $2B | $2B | — | — | ||
| Hangzhou DPtech Technologies Co Ltd focuses on network security and application delivery products and solutions. The security and application delivery products portfolio includes Application Firewall, IPS, Bandwidth Management, Deep Packet Inspection, Web Application Firewall, Anti-DDoS, Appliction Delivery and others. | $3 | +7% | $2B | $1B | 6.7x | 34.1x | ||
| Eastcompeace Technology Co Ltd is a provider of smart card and system solution. The firm provides secure qualified products and services including scratch card, contactless card, dual interface card, citizen card, transportation card, social security card, SIMePay, terminal, device management system, mobile payment system, smart tracking system, banking card perso solution, one card solution, and overall solutions. It caters its services to telecommunications, banking and payment, government and public sectors. The company is based in China with a presence in Singapore, Bangladesh, India, and Russia. | $3 | +82% | $2B | $1B | 6.9x | 42.9x | ||
| Beijing VRV Software Corp Ltd is engaged in developing, manufacturing & selling of information security software products and services. The company provides data applications, mobile management systems, domestic terminal security systems, border security products, Intranet security products, anti-virus software, and data security products. | $1 | +48% | $2B | $2B | 34.6x | (36.0x) | ||
 | Secunet Security Networks AG is an IT and telecommunications security provider. It offers public-sector clients and private-sector companies a comprehensive portfolio of products and consulting services for the protection of data, infrastructures, and digital identities as well as for information transmission, storage, and processing. Its services include consulting on IT security, software development, development, integration, operations, maintenance, and support of products. The company operates through two divisions, Public Sector, and Business Sector. The company generates maximum revenue from Public Sector. | $214 | -9% | $1B | $1B | 2.4x | 14.8x | ||
| Progress Software Corp provides software operate in one operating segment: software products for the development, deployment, and management of responsible, AI-powered applications and digital experiences. The following are products: Chef, Corticon, Data Direct, Developer Tools, Flowmon, Kemp LoadMaster, MarkLogic, MOVEit, OpenEdge, Semaphore, ShareFile, Sitefinity, WhatsUp Gold. Geographical regions include the United States, Canada, EMEA, Latin America, and Asia Pacific. | $29 | -53% | $1B | $2B | 2.5x | 6.3x | ||
| Radware Ltd provides cyber security and application delivery solutions. The company provides solutions for cloud, on-premises, and software-defined data centers (SDDC). The solutions of the company secure the digital experience by providing infrastructure, application, and network protection and availability services to enterprises globally. The business segments of the company are Radware’s Core Business and The Hawks’ Business. The company derives maximum revenue from Radware’s Core Business. It generates the majority of its revenue from the United States. | $27 | +15% | $1B | $885M | 2.9x | 18.7x | ||
| BeiJing Certificate Authority Co Ltd is a leading information security solution provider in China. The main business is electronic certification services, electronic certification products and manageable information security services. | $4 | -5% | $1B | $982M | 8.0x | (86.3x) | ||
| Asiainfo Security Technologies Co Ltd is a leader in China's network security software field, and a network security company that knows the Internet and the cloud in the industry. | $2 | -18% | $929M | $722M | 0.6x | (81.6x) | ||
| CANCOM SE is a hybrid IT service provider. The group's range of IT solutions includes consulting, implementation, services and the operation of IT systems. As a hybrid IT integrator and service provider, the company delivers a range of services and solutions that includes business solutions and managed services such as cloud computing, analytics, enterprise mobility, IT security, hosting or as-a-service offerings. In geographical terms, the company operates in Germany, Austria as well as Switzerland, Romania and Belgium. | $29 | -11% | $885M | $762M | 0.4x | 5.4x | ||
| Nsfocus Technologies Group Co Ltd is a China based internet and application security company. It offers enterprise-level network security solutions and services. The products offered by the company are Anti-DDoS system, Cloud DDoS protection service, Threat intelligence subscription service, Web application firewall, and Web vulnerability scanning system. In addition, it also offers solutions such as cloud DDoS defenses, on-premises DDoS defenses, Hybrid DDoS defenses, global threat intelligence, among others. The company has a business presence in China and other international countries. | $1 | +6% | $871M | $909M | 2.4x | 24.1x | ||
 | Tinexta is an operator of an industrial group intended for the digital transformation and growth of companies. The company offers advanced services for digital identity and certification, cybersecurity, digital marketing, and access to financing, enabling companies, professionals, and institutions to get access to innovation and internationalization. Its segments include: Digital Trust, Cybersecurity, and Business Innovation. The company derives maximum revenue from Digital Trust segment. | $18 | +30% | $815M | $1B | 2.1x | 9.2x | ||
| Feitian Technologies Co Ltd is a supplier of user authentication and transaction security for China Online Banking. The company offers public key infrastructure authentication tokens, one time password tokens, software protection dongles, contact and contactless smart card readers. It also provides turnkey solutions like secure hardware, operating systems, middleware, software application, and services such as personalization and remote lifecycle management. The company's customers include financial institution, telecom, government and business enterprises. Its product lines feature contact and contactless smart cards, EMV chip cards, payment terminals, and user authentication solutions for secure online banking and transaction security. | $2 | -32% | $777M | $740M | 7.3x | 251.4x | ||
| Riskified Ltd has built a next-generation eCommerce risk management platform that allows online merchants to create trusted relationships with their consumers. It generates revenue by granting merchants access to its eCommerce risk management platform and reviewing and approving eCommerce transactions for legitimacy. Its merchants include some of the ecommerce brands including Wayfair, Lastminute.com, SHEIN, and Macy’s. Its merchants operate in a variety of verticals, including Payments, Money Transfer & Crypto, Tickets & Travel, Electronics, Home, Fashion & Luxury Goods, General Retail and Food. The company derived maximum revenue from Israel. | $5 | -5% | $704M | $431M | 1.3x | (14.2x) | ||
| Sansec Technology Co Ltd is engaged in innovation of cryptographic technology and R&D, sales and service of cryptographic products and provides cryptographic products and solutions for the internet information security. The company’s products portfolio includes PCIe HSM, Cloud HSM, General purpose HSM, Financial HSM, and Cryptographic Software System. HSMs provide the integrated cryptographic functions for different application scenarios, including financial HSMs, general purpose HSMs, cloud HSMs, KMS and other HSMs. Cryptographic systems include key management system, cryptographic service platform, identity authentication system, cryptographic middleware, etc. | $6 | +16% | $675M | $552M | 6.8x | (1029.2x) | ||
 | GB Group PLC provides identity intelligence solutions through its three divisions Location, Identity, and Fraud. It offers electronic ID Verification services, ID Registration, ID Engage, and ID Trace and Investigates software and services. GB Group's technology supports customers in traditional banking, government, utilities, retail, transport, and newly emerging industries such as eCommerce, online gaming, cryptocurrency, and mobile payments. The company has a geographical presence in the United Kingdom, the United States of America, and Australia and generates revenues from the sale of software and rendering of services. | $3 | -21% | $671M | $765M | 2.0x | 8.2x | ||
| DBAPPSecurity Co Ltd is engaged in the development, production and sales of network information security products and provides customers with professional network information security services. The company's products and services cover applications such as Application Security, Big data Security, Cloud Security, IoT Security, Industrial Control Security, and Industrial Internet Security. | $7 | -3% | $666M | $545M | 1.7x | 27.2x | ||
| Mitek Systems Inc is engaged in the development, sale, and service of proprietary software solutions related to mobile imaging. The firm is a software development company with expertise in artificial intelligence, and machine learning. It serves more than 7,900 financial services organizations, financial technology (fintech) brands, telecommunications companies, and marketplace brands across the globe. The company's Mobile Deposit solution is used by consumers for mobile check deposits. The company's Mobile Verify verifies a user's identity online, enabling organizations to build safer digital communities, whereas CheckReader enables financial institutions to automatically extract data from a check image received across any deposit channel - branch, ATM, RDC, and mobile. | $15 | +55% | $658M | $626M | 3.5x | 11.6x | ||
| Red Violet Inc is a software and services company. It specializes in data analysis, providing cloud-based, mission-critical information solutions to enterprises in a variety of industries. Through its CORE data fusion platform, it provides mission-critical information about individuals, businesses and assets. | $40 | -18% | $560M | $520M | 5.8x | 16.8x | ||
| Beijing Huaru Technology Co Ltd is engaged in providing customers with high-quality professional simulation products and technology development services in the fields of combat experiments, simulation training, equipment demonstration, test identification, and comprehensive support. | $4 | +5% | $555M | $470M | 10.6x | (17.4x) | ||
| Guangdong Tecsun Science & Technology Co Ltd is a China-based company engages in the production and sale of social security cards and related service. The company's main products include financial social security cards and service terminal products. The company provides its products and services for the human resources and social security departments, social security card users and third-party institutions. | $1 | -9% | $533M | $479M | 5.8x | 138.6x | ||
| Hunan Kylinsec Technology Co Ltd is a basic software supplier focusing on operating systems, cloud computing, and big data security products. It is committed to promoting localized security applications and making users IT infrastructure more secure and efficient. | $5 | -12% | $532M | $422M | 9.3x | (51.1x) | ||
 | PT Itsec Asia Tbk is one of the cybersecurity companies in APAC. The company's core offerings encompass comprehensive cybersecurity services and solutions, including Consulting Services, Security Solutions Integration and Managed Security Services. Its complete end-to-end portfolio provides continuous IT infrastructure protection against multiplying cybersecurity threats and compliance with increasingly demanding data protection and critical infrastructure regulations. The company also has extensive experience helping customers with fraud prevention, operational technology (OT) and Industrial IoT (IIoT) security. Geographically, Indonesia, Singapore, and Australia. | $0 | +20% | $494M | $495M | 16.0x | 80.0x | ||
| Digital Arts Inc develops Internet filtering software for business, private, and educational use. Its products protect users and networks from harmful Internet content and prevent inappropriate usage. Its software products are supplied to the corporate, public-sector (government ministries and agencies and schools), and consumer markets. | $36 | -22% | $479M | $356M | 5.2x | 10.2x | ||
| NCC Group PLC is a holding company. The provision of independent advice and services to customers through the provision of software resilience and Cyber Security services. The Group reports its business segment: the Cyber Security division. The reporting segments provide distinct types of service, and within the reporting segments, the operating segment provide a homogeneous group of services. The company operates in the UK, North America, APAC, and Europe, and the majority of revenue comes from the UK. | $2 | -21% | $458M | $472M | 1.1x | 9.0x | ||
| Hillstone Networks Co Ltd is a provider of enterprise network security and risk management solutions. Its customers include financial and educational institutions, government and service providers. The company offers visibility, intelligence and protection to ensure enterprises can comprehensively see, thoroughly understand and rapidly act against cyber-threats. | $2 | +13% | $437M | $525M | 3.9x | (29.8x) | ||
 | Mia Teknoloji AS is a research & development, Innovation, Software Development, Integration, and Solution Provider company located in Technology Development Area. It focuses on the information infrastructure needs of both public and private organizations and develops tailor-made system solutions. The company's services include Facility and Building Installation, Information security training, Data Center Consultancy, Penetration test, and Network security products. | $1 | +27% | $437M | $446M | 7.3x | 69.7x | ||
| WebRAY Tech Group Inc is engaged in Research and development, production and sales of network security products. The company is focused on the field of cyberspace security, with the mission of making cyberspace more orderly, providing customers with basic network security, business scene security, and cyberspace map security products and services. | $6 | +20% | $431M | $399M | 9.3x | 245.2x | ||
| OneSpan Inc is a provider of information technology security solutions for banking and financial services and application security markets. Its solutions secure and manage access to digital assets and protect online transactions, via mobile devices and in-person. Authentication and anti-fraud solutions are the organization's primary product offerings and include multifactor authentication and virtual private network access capabilities. The company derives revenues from hardware and license fees, maintenance and support fees, and subscription fees. A large majority of the firm's revenue is generated in Europe, the Middle East, and Africa, and the rest in the United States and Asia-Pacific region. | $12 | -28% | $428M | $386M | 1.6x | 5.0x | ||
| Founded in 2000, Rapid7 is a cybersecurity company that began providing vulnerability management solutions. It has, however, expanded its portfolio to provide extended detection and response; security information and event management; cloud security, threat intelligence, and application security; and security orchestration, automation, and response. The Boston-based company went public in 2015. | $6 | -72% | $424M | $918M | 1.1x | 5.6x | ||
 | eMudhra Ltd provides various solutions and services like digital signatures, authentication solutions, paperless office solutions and other solutions around PKI technology. It stands for enabling a digital future with a foundation built on digital identity and trust. The company's products include digital signature certificates, authentication solutions, paperless office solutions, Certifying Authority solutions, solutions for securing data at rest and data in transit, solutions for Internet of Things (IoT), etc. | $5 | -38% | $424M | $415M | 6.7x | 28.3x | ||
 | AHNLAB Inc develops industry- leading information security solutions and services for consumers, enterprises, and small and medium businesses worldwide. AhnLab solutions portfolio comprises advanced threat analysis, cloud-based intelligence, endpoint security, network security, advanced threat defense, and security consulting services. The company provides real-time detection and prevention of malware, malicious codes, hacking attacks. | $43 | +3% | $408M | $220M | 1.2x | 4.6x | ||
| BTQ Technologies Corp is engaged in the development of computer-based technology related to post-quantum cryptography, particularly as it applies to blockchain and related technologies, and their protection from the emerging security risk of quantum computing. Its products include PQScale, Keelung, Kenting, and Qbyte. PQScale is a novel scaling technique for post-quantum cryptographic primitives. Keelung is a zero-knowledge toolkit for fast, private, and secure applications. Kenting provides acceleration for NIST-compliant post-quantum cryptography, post-quantum zk-SNARKs, and eco-friendly mining hardware, and Qbyte is a quantum risk calculator. Geographically, the company derives maximum revenue from Canada, and also has a presence in Taiwan, and Australia. | $3 | +4% | $408M | $408M | 1756.1x | (22.5x) | ||
| Baudroie Inc is a professional operator specializing in IT infrastructure services for businesses. It caters to the needs of clients with optimal IT solutions in the network, server, security, and cloud areas. The company focuses on providing services in high-technology areas, such as cloud adoption support and network virtualization. Tailored to clients’ needs and issues, Baudroie also offers design, construction, operation, and maintenance services for customized IT infrastructure. | $13 | -40% | $399M | $386M | 5.2x | 22.3x | ||
 | Yubico AB is a leader in setting standards for secure access to computers, mobile devices, servers, browsers, and internet accounts. Yubico is a creator and core contributor to the FIDO2, WebAuthn, and FIDO Universal 2nd Factor (U2F) open authentication standards, and is a pioneer in delivering modern, hardware-based passkey authentication security at scale to customers in over 160 countries. The company is a cybersecurity company and the inventor of the YubiKey, which offers the gold standard for phishing-resistant multi-factor authentication (MFA). | $5 | -72% | $397M | $304M | 1.2x | 12.0x | ||
 | F-Secure Corp is engaged in designing and providing a comprehensive range of Cyber-security products and services related to data security, privacy protection as well as privacy protection and digital identity protection of consumer terminal devices, networks, and devices connected to a network, sold in each case either directly or indirectly to consumers. Geographically the company earns a majority of its revenue from Europe followed by the Nordic Countries. Its products are F-Secure Total, F-Secure Internet Security, F-Secure VPN, F-Secure ID Protection, and F-Secure Scam Protection. | $2 | -9% | $361M | $532M | 3.1x | 8.7x | ||
| WithSecure Corp, formerly F-Secure Corp is a cyber security products and services company The Company has one segment which is security. Its solutions help to protect thousands of businesses from security threats. Geographically, WithSecure is focused on Europe and the United States, and the company's products are sold by thousands of resellers. The company's revenue is split into three categories. Cloud revenue includes the Elements platform cloud-based products, Managed Detection and Response (MDR) and Cloud Protection for Salesforce (CPSF) revenue. Onpremise revenue includes the Elements portfolio on-premise product (Endpoint protection) and other legacy products. Consulting revenue includes the cyber security consulting services. | $2 | +66% | $350M | $374M | — | — | ||
| Telos Corp offers technologically forwarded, software-based security solutions that empower and protect the world's security-conscious organizations against rapidly evolving, sophisticated, and pervasive threats. Its business has two reportable and operating segments namely Security Solutions and Secure Networks. The Security Solutions segment focuses on cybersecurity, cloud, and identity solutions, and the Secure Networks focuses on enterprise security. The company derives maximum revenue from the Security Solutions segment. | $4 | +75% | $341M | $296M | 1.8x | 16.3x | ||
| FFRI Security Inc is engaged in providing computer security research, consulting, information provision, education, network system research, computer software and computer program planning, development, sales, leasing, maintenance, management, operation, and the acquisition, transfer, lending, and management of related property right such as copyrights, patent rights, utility model rights, trademark rights, and design rights. | $38 | +37% | $304M | $283M | 13.6x | 48.0x | ||
 | Qoria Ltd formerly Family Zone Cyber Safety Ltd is engaged in developing a universal cyber safety and parental control platform. It is engaged in the sales and distribution, marketing, and customer support of its suite of cyber safety products and services. The Group has four operating segments being the provision of educational technology services in the United States of America (USA), the United Kingdom (UK), Australia & New Zealand (ANZ) and Europe. It derives a majority of its revenue from the United States of America. | $0 | -25% | $302M | $324M | 3.8x | 32.3x | ||
| Axgate Co Ltd is engaged in network security solutions and control services. The company develops control systems, network security systems, and other products. The company produces and sells essential products for information security such as VPN, FW, UTM, and provides related services. | $10 | +75% | $273M | $268M | 8.2x | 72.0x | ||
| Global Security Experts Inc operates a cybersecurity business that provides one-stop support for cybersecurity measures for second-tier, mid-tier, and small- to medium-sized companies, a security education business that provides security education for personnel at IT companies and SIers, and a security human resources business that provides security human resources SES. | $17 | -15% | $257M | $261M | 4.6x | 25.0x | ||
| Arqit Quantum Inc is a cybersecurity company that has pioneered a symmetric key agreement technology that makes the communications links of any networked device or data at rest secure against current and future forms of cyber attack - even an attack from a quantum computer. The company delivers its symmetric key agreement technology via its product SKA-Platform. The firm operates in one segment, that is, the provision of cybersecurity services. The company operates and generates its revenue from UK. | $15 | -33% | $227M | $191M | 360.4x | (5.2x) | ||
| Cy4gate SpA is engaged in design, development and production of technologies, products, systems and services for the Armed Forces, Law Enforcement Agencies and Italian and foreign companies. It operates in single operating segment, that of the development and marketing of cyber intelligence and cyber security products. | $9 | +41% | $202M | $181M | 1.6x | 7.5x | ||
| Clavister Holding AB is engaged in the development, production, and sales of network security solutions within the field of cybersecurity. The company's solutions are based on proprietary, high-performance software. Its products include network security, device security, identity, and access management, cloud services, and management and security analysis. The clients range from the public to the private sector all over the world. Its operations are spread across Sweden, Asia, the Rest of Europe, and the Rest of the world with the majority of the revenue deriving from Sweden. | $1 | -13% | $193M | $196M | 8.0x | 46.3x | ||
| Hennge KK is engaged in providing cloud security services. | $6 | -38% | $190M | $156M | 2.2x | 12.7x | ||
 | Wallix Group SA is a cybersecurity software company based in France. The company offers a range of solutions, including WALLIX Bastion, WALLIX Trustelem, WALLIX Best Safe, and WALLIX INSIDE. Its geographical segments include France and international, with the majority of its revenue coming from France. | $28 | +35% | $185M | $180M | 3.8x | 33.4x | ||
| Digimarc Corp is engaged in digital watermarking technologies. The Digimarc Illuminate platform is a distinctive software as a service (SaaS) cloud-based platform for digital connectivity that provides the tools for the application of digital watermarks and dynamic Quick Response (QR) codes, software (digital twins) that enables various systems and devices to interact with those data carriers and a centralized platform for capturing insights about digital interactions and automating activities based on that information. The company generates revenue through commercial and government applications of its technology. The company derives its revenue from software development services, subscriptions for products and related services, and licensing of patents. | $8 | -41% | $171M | $163M | 4.8x | (6.6x) | ||
| Intellicheck Inc is a trusted industry leader in technology solutions that stop identity theft and fraud with real-time identification authentication and age verification. The group delivers on-demand digital and physical identity verification solutions for KYC, AML, fraud prevention, and age verification needs. The products of the company include solutions for preventing identity fraud across any industry delivered via smartphone, tablet, POS integration or other electronic devices. | $8 | +59% | $163M | $154M | 6.8x | 59.9x | ||
| Enea AB is a supplier of software components for telecommunications and cybersecurity. The firm's focus areas are cloud-native, 5G-ready products for the mobile core, network virtualization, and traffic intelligence. More than 4.5 billion people rely on Enea technologies in their daily lives while using mobile phones and connecting to the internet. The company earns revenue by rendering services like Licensesing service, Support & maintenance services, and Professional services. It has a geographical presence in Sweden, Finland, USA, Americas, EMEA excluding Sweden, and Asia. | $9 | +19% | $162M | $193M | 1.9x | 6.1x | ||
 | Acer Cyber Security Inc is engaged in the development of information security-related services, including prevention, real-time detection, post-incident response, and cybersecurity disaster recovery. The company's reportable segments are; Cybersecurity services which generates key revenue, and IT operation outsourcing services. Geographically, the company generates a majority of its revenue from Taiwan and the rest from other regions. | $5 | -7% | $158M | $119M | 1.5x | 2.6x | ||
| SSH Communications Security Oyj is a provider of enterprise cybersecurity solutions that monitor, control, and automate trusted access to critical data. The company secures communications and access for and between humans, systems, and networks. The company provides software and professional services. The company products consist of Secure Mail, PrivX Hybrid PAM, Tectia SSH, and others. Geographically, the company provides its services to America, APAC, Europe, the Middle East and Africa (EMEA), and Finland. The company derives maximum revenue from Finland. The company serves to customers from Finance, Retail, Industrial, Critical Infrastructure, Healthcare, and Government sectors. | $3 | +110% | $147M | $124M | 4.9x | 67.4x | ||
| Aton Inc is a fintech service company. It primarily offers fintech security software for financial institutions; smart financial system development of financial institutions; Payment solution for T-money transit card and others. | $5 | +56% | $134M | $122M | 2.7x | 26.6x | ||
| Micro Systemation AB is engaged in product development, production, and sales of solutions within the area of mobile digital forensics. It provides software products to extract, analyse and present data from digital devices, predominantly mobile phones. The company has three main product families: XRY, XAMN, and XEC. The products are used mainly by police, military, and intelligence agencies and are effective tools for securing evidence. | $7 | +35% | $129M | $121M | 2.4x | 13.6x | ||
| Advenica AB is a Sweden based company involved in providing cyber security solutions in the areas of National Security, Public sector, Critical infrastructure, and Corporate. The product offerings of the company include Data Diodes, ZoneGuard, SecuriRAM, File Security Screener and Secure Remote Access among others. | $3 | +10% | $121M | $112M | 4.9x | 30.5x | ||
| Rank One Computing Corp is an American artificial intelligence company. It develops AI systems that analyze visual data to identify and interpret objects and activities. The company's focus is biometric identity, digital forensics, and real-time video analytics. It uses the term 'Vision AI,' which is an operational AI, built for accuracy, speed, and auditability. The company generates revenue from the sale of access to its software platforms, maintenance services and professional services. | $6 | -- | $119M | $122M | 7.2x | (77.9x) | ||
| Hancom WITH Inc is a software company providing security solutions and services. The company operates in the Solutions Business Division, the Blockchain Business Division, and Other business divisions. The products offered by the company are AnySign, AnyPIN, XecureDB, XecureKeyManager, Blockchain Security Suite, Hancom SLedger, and others. | $5 | +147% | $117M | $158M | 0.3x | 16.3x | ||
| Gogolook Co Ltd, along with its subsidiaries, is mainly engaged in information software services, digital advertising, and information supply services. The group offers various software solutions for both businesses and individuals, which include Roo.Cash, a fintech platform offering financial services; Whoscall, a scam protection software against spam messages, unknown calls, and data leaks; an anti-scam intelligence platform for businesses; spotON, an AI-driven application tracking system to transform hiring processes; and others. Geographically, the group generates maximum revenue from Taiwan, followed by East Asia and Southeast Asia (excluding Taiwan), and other regions. | $3 | +14% | $115M | $113M | 3.4x | 40.3x | ||
| Elements Inc is engaged in the development and provision of personal authentication solutions such as LIQUID eKYC, an online identity verification service, that utilizes biometrics, image analysis and machine learning technologies, as well as personal optimization solutions for clothing, food and shelter. | $4 | -43% | $110M | $108M | 4.3x | (27.8x) | ||
| Spectra Systems Corp manufactures, and markets technology-based products used to authenticate and process banknotes and also offers secure software products for gaming. The company has divided its business into Authentication Systems, Security Printing, and Banknote Cleaning. The company derives maximum revenue from Authentication Systems that involve the hardware, software, and materials related to the authentication of banknotes, tax stamps, and other high-value goods. | $2 | -16% | $110M | $104M | 2.1x | 7.1x | ||
| TAC Infosec Ltd is engaged in the business of providing risk-based vulnerability management and assessment solutions, cybersecurity quantification, and penetration testing services to organizations of various scales, sizes, and industries through the SaaS model. It offers security software products and solutions both in India and internationally, and its end customers are Banks and Financial Institutions, government regulatory bodies and departments, and large-scale enterprises (including business offices) like HDFC, Bandhan Bank, BSE, etc. Its flagship software product is ESOF (Enterprise Security in One Framework), which is a vulnerability management platform consisting of various product portfolios, namely ESOF Appsec, ESOF VMP, ESOF VACA, ESOF PCI ASV, and ESOF CRQ. | $5 | -24% | $108M | $105M | 33.1x | 58.4x | ||
| Cyber Security Cloud Inc is a Japanese based cyber security company. It is engaged in the development and provision of cyber security services utilizing AI technology. | $10 | -11% | $103M | $79M | 2.4x | 9.9x | ||
| ESTsoft Corp. develops internet softwares and internet games. Its products include Altools, Bizhard, Cabal and Zum. | $10 | -23% | $103M | $75M | 1.0x | (9.3x) | ||
| Autocrypt Co Ltd is an automotive cybersecurity and mobility solutions provider, dedicated to software-defined, connected, and autonomous mobility. It secures the rapidly evolving framework of automotive and mobility, from software-defined vehicles (SDV) to autonomous driving. Its products include Automotive Cybersecurity Testing, Automotive Cybersecurity Consulting, Automotive Cybersecurity Operation, Automotive Cybersecurity Training, In-Vehicle Systems Security, Digital Key, V2X Security, EV and Charging Security, and MaaS Platforms. | $10 | -- | $97M | $105M | 6.1x | (25.0x) | ||
| Quick Heal Technologies Ltd is an India-based IT security solutions company. It is engaged in offering software security products and solutions. The company serves clients in various industries including manufacturing, BFSI, healthcare, hospitality, educational institutions, government organizations, emerging e-commerce, and the service sector. The group reports the operating segments based on the target customer groups are; Consumer, and Enterprise and Government. It has a business presence in India and foreign countries, of which maximum revenue is derived within India. Its product range consists of Quick Heal Total Security, Quick Heal Internet Security, Quick Heal AntiVirus Pro, Quick Heal Total Security for Mac, Quick Heal PCTuner 3.0, and Guardian NetSecure. | $2 | -43% | $95M | $75M | 2.6x | 50.4x | ||
| Wins Technet Co Ltd Formerly Wins Co.Ltd is an information protection company. It develops information security solution, and network security software. It operates in the field of network security and provides intrusion prevention system, DDoS attack countermeasure solution, intelligent attack countermeasure solution, integrated threat management solution, and firewall. Its also offers services such as security control, consulting.. | $9 | +9% | $94M | $24M | 0.4x | 1.3x | ||
| Loihde PLC is a service company for digital development and security solutions, which provides business continuity services to its customers. In digital development, the company offers its customers digital consulting, business intelligence, and data analytics services, solutions for promoting digitalization in service and software development, and services related to change management and implementation of cloud technologies. The company's security solutions cover a wide range of corporate security areas, from cybersecurity and secure network connections to locking and electronic security technology services. Geographically, the company generates a majority of its revenue from Finland and the rest from other countries. | $16 | +20% | $92M | $93M | 0.5x | 7.0x | ||
| Median | $9 | -5% | $662M | $549M | 4.6x | 14.1x |
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