Tracked deals
15
15 tracked deals across 2015-2026.
Cybersecurity Buyers & Acquisitions in Minnesota
Buyer mix
Mixed buyer set
14 pe · 13 strategic
Top trend
Volume peaked in 2021
4 tracked deals announced in 2021.
Primary Insight
What Stands Out
- Managed security and detection feature in Minnesota deals, including MDR/XDR/WAF managed services and managed threat coverage expansion.
- Exposure assessment and attack surface management show up through integrations that unify asset intelligence, vulnerability context, and security control coverage.
- Human risk, insider threat, and DLP are recurring themes, with acquisitions aimed at expanding visibility and data protection across endpoints, networks, and cloud.
- Certificate lifecycle and security control coverage are part of the mix, including public certificate business acquisitions tied to certificate management and lifecycle capabilities.
- Buyers include strategic security platforms and recurring investors such as KKR, TA Associates, Charlesbank Capital Partners, HGGC, and Nautic Partners.
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Top Buyers
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| Charlesbank Capital Partners | 2 | Middle-market private investment firm focused on manageme... | PE |
| HGGC | 2 | Middle‑market private equity firm employing an advantaged... | PE |
| KKR | 2 | Global investment firm with a Technology Growth strategy ... | PE |
| TA Associates | 2 | Global growth-focused private equity firm investing acros... | PE |
| AC Future, Inc. | 1 | Advanced mobility and AI-powered platform technology deve... | Strategic |
| Aero Velocity Inc. | 1 | Drone services and technology company providing Drones-as... | Strategic |
| Arctic Wolf Networks, Inc. | 1 | Security operations platform provider offering cloud-nati... | Strategic |
| BT Brands, Inc. | 1 | Multi-brand restaurant operator developing emerging busin... | Strategic |
| Courion | 1 | Provides Identity Governance and Administration (IGA) and... | Strategic |
| Cyber Advisors | 1 | IT solutions provider offering managed IT, network and se... | Strategic (PE-backed) |
Acquisition Volume in Cybersecurity in Minnesota by Year
Last 7 years
Actual
Full-year estimate
Supporting Data
Recent Transactions
-
March 19, 2026
- Buyer
- Sterling Investment Partners
- Target
- Cyber Advisors
- Industry
- Cybersecurity
- Location
- Minnesota, United States
- Type
- Buyout
Sterling Investment Partners has acquired Cyber Advisors, a provider of managed security services, cybersecurity consulting, and IT technology solutions. Cyber Advisors, founded in 1997 and headquartered in Maple Grove, Minnesota, serves small, mid-sized, and enterprise clients and supports 1,800+ customers nationwide with a team of 330+ professionals.
-
February 23, 2026
- Buyer
- Arctic Wolf Networks, Inc.
- Target
- Sevco Security
- Industry
- Cybersecurity
- Location
- Minnesota, United States
- Type
- Buyout
Arctic Wolf Networks acquired Sevco Security to expand exposure assessment capabilities for its Arctic Wolf Aurora Platform. Sevco’s cloud-native exposure assessment technology will be integrated into Aurora to unify asset intelligence, vulnerability context, and security control coverage across hybrid environments.
-
January 29, 2026
- Buyer
- LevelBlue
- Target
- Alert Logic (managed services business)
- Seller
- Fortra, Alert Logic
- Industry
- Cybersecurity
- Location
- Minnesota, United States
- Type
- Divestiture
LevelBlue has acquired Fortra’s Alert Logic managed services business—covering Alert Logic’s MDR, XDR, and WAF managed services—under a broader long-term strategic partnership that makes Fortra a leading technology partner for LevelBlue. The deal expands LevelBlue’s global managed detection and response platform and provides Alert Logic customers access to a larger global footprint and broader threat telemetry; Santander and Stephens served as financial advisors to LevelBlue and Fortra/Alert Logic, respectively.
-
September 3, 2025
- Buyer
- BT Brands, Inc., Aero Velocity Inc., AC Future, Inc.
- Target
- Aero Velocity Inc.
- Industry
- Cybersecurity
- Location
- Minnesota, United States
- Type
- Buyout
BT Brands (Nasdaq: BTBD) and Aero Velocity entered into a definitive all-stock merger agreement in September 2025, but BT Brands later terminated the merger agreement due to the SEC registration-statement timing requirement expiring in April 2026. Separately, Aero Velocity entered into a strategic partnership with AC Future to jointly develop a Mobile Drone Launch Vehicle platform for U.S. military and public-sector applications.
-
January 29, 2025
- Buyer
- Sectigo
- Target
- Entrust public certificate business
- Seller
- Entrust
- Industry
- Cybersecurity
- Location
- Minnesota, United States
- Type
- Divestiture
Sectigo has acquired Entrust's public certificate business, a transaction that doubles Sectigo's enterprise footprint and expands its Certificate Lifecycle Management (CLM) capabilities. The company completed a migration of more than 500,000 certificates to Sectigo Certificate Manager, ensuring continuity for Entrust customers and partners while boosting Sectigo's scale and PQC readiness.
-
July 24, 2024
- Buyer
- Mimecast
- Target
- Code42
- Industry
- Cybersecurity
- Location
- Minnesota, United States
- Type
- Buyout
Mimecast has acquired Code42, a leader in insider threat management and data loss prevention, to expand its Human Risk Management (HRM) platform and enhance visibility into insider threats. Financial terms were not disclosed; Code42's Incydr product will be made available to Mimecast customers and integrated into its platform over the coming months.
-
October 10, 2023
- Buyer
- Cyber Advisors, Goldner Hawn
- Target
- White Oak Security
- Industry
- Cybersecurity
- Location
- Minnesota, United States
- Type
- Addon
Cyber Advisors, a Goldner Hawn portfolio company, has acquired White Oak Security, an offensive cybersecurity firm based in Plymouth, Minnesota. The deal expands Cyber Advisors’ offensive testing and adversarial simulation capabilities and brings White Oak’s experienced talent into Cyber Advisors’ security services platform.
-
July 12, 2023
- Buyer
- DeepSeas, Nautic Partners
- Target
- RedTeam Security
- Industry
- Cybersecurity
- Location
- Minnesota, United States
- Type
- Addon
DeepSeas, a Nautic Partners-backed cyber defense platform, has acquired RedTeam Security, a Minneapolis-based offensive security testing firm. The acquisition strengthens DeepSeas' offensive testing and assessment capabilities to better serve enterprise and mid-market clients, while expanding its talent base for security and compliance engagements.
-
October 5, 2022
- Buyer
- KKR
- Target
- NetSPI
- Seller
- Sunstone Partners
- Industry
- Cybersecurity
- Location
- Minnesota, United States
- Type
- Growth capital
KKR is increasing its investment in NetSPI with a $410 million growth funding round to support the company's technology innovation, talent acquisition, and global expansion while recapitalizing NetSPI's first institutional investor, Sunstone Partners. The funding comes from KKR's Technology Growth strategy and follows prior investments in NetSPI as the company scales its PTaaS, Attack Surface Management, and related offensive security offerings.
-
December 17, 2021
- Buyer
- Virtual Guardian, ESI Technologies
- Target
- NaviLogic, Inc.
- Seller
- NaviLogic shareholders (including co-founders Bill Strub and Bob Bennett)
- Industry
- Cybersecurity
- Location
- Minnesota, United States
- Type
- Buyout
ESI Technologies' cybersecurity subsidiary Virtual Guardian acquired NaviLogic, Inc., a Saint Paul-based cybersecurity and IT integration firm, with the deal closing on December 17, 2021. The acquisition expands Virtual Guardian and ESI Technologies' cybersecurity and GRC capabilities in the United States and provides NaviLogic clients access to a broader suite of resources and services.
-
October 27, 2021
- Buyer
- HelpSystems (Fortra)
- Target
- Digital Guardian
- Industry
- Cybersecurity
- Location
- Minnesota, United States
- Type
- Buyout
HelpSystems (now Fortra) acquired Digital Guardian, a provider of SaaS and managed service-enabled data loss prevention (DLP) solutions, to strengthen its data security portfolio. The deal brings Digital Guardian’s endpoint, network and cloud DLP capabilities and managed services into Fortra’s security offering to improve data classification and protection across environments.
-
- Buyer
- KKR, Ten Eleven Ventures, Sunstone Partners
- Target
- NetSPI
- Industry
- Cybersecurity
- Location
- Minnesota, United States
- Type
- Growth capital
NetSPI, a Minneapolis-based leader in penetration testing and attack surface management, raised $90 million in growth funding led by KKR with participation from Ten Eleven Ventures (and existing investor Sunstone Partners). The capital will be used to accelerate product innovation, expand cyber security and client experience teams, and deepen U.S. and international operations.
-
- Buyer
- Harvest Partners SCF, LP, TA Associates, Charlesbank Capital Partners, HGGC, HelpSystems employees
- Target
- HelpSystems
- Industry
- Cybersecurity
- Location
- Minnesota, United States
- Type
- Growth capital
Funds managed by Harvest Partners SCF, LP signed a definitive agreement to lead a minority investment in HelpSystems, joining existing investors TA Associates, Charlesbank Capital Partners and HGGC alongside HelpSystems employees. The growth investment will support HelpSystems' continued expansion of its cybersecurity and IT automation software offerings and further product, acquisition and geographic growth.
-
October 10, 2019
- Buyer
- TA Associates, Charlesbank Capital Partners, HGGC
- Target
- HelpSystems
- Industry
- Cybersecurity
- Location
- Minnesota, United States
- Type
- Growth capital
Private equity firms TA Associates and Charlesbank Capital Partners have signed definitive agreements to become additional investors in HelpSystems, joining existing investor HGGC as well as management and employees. The minority growth investment will provide capital to accelerate HelpSystems' organic growth and support complementary acquisitions of cybersecurity, automation and analytics solutions.
-
December 9, 2015
- Buyer
- Courion
- Target
- Core Security
- Industry
- Cybersecurity
- Location
- Minnesota, United States
- Type
- Buyout
Courion, an identity governance and administration (IGA) provider, acquired Core Security, a vulnerability management and attack intelligence company, to combine identity and vulnerability intelligence into an integrated Vulnerability and Risk Management (VRM) solution. The deal brings together Courion's IGA capabilities with Core Security's analytics-driven attack intelligence to provide customers a more comprehensive view of attack surface, detection and remediation.
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Frequently Asked Questions
What types of cybersecurity capabilities are being acquired in Minnesota?
Deals highlighted on this page cover managed security services (including MDR/XDR/WAF), exposure/attack surface assessment, insider threat management, and data loss prevention, along with offensive testing and adversarial simulation.
Which strategic acquirers are involved in Minnesota cybersecurity deals?
The page lists strategic buyers including Arctic Wolf Networks, Inc., Mimecast, Sectigo, and LevelBlue, among others.
Do Minnesota cybersecurity acquisitions include offensive security firms?
Yes. The page includes acquisitions that expand offensive testing and adversarial simulation capabilities, such as work focused on offensive cybersecurity testing and assessment.
Are there investor-backed acquisitions on this Minnesota cybersecurity page?
Yes. The recurring buyer list includes investment firms such as KKR, TA Associates, Charlesbank Capital Partners, HGGC, and Nautic Partners, including growth funding and acquisition activity related to cybersecurity platforms.
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