PHOSPHORUS acquired by DRAGOS
Context
Dragos, a leading US-based OT cybersecurity specialist, has announced the acquisition of Phosphorus to expand its platform beyond traditional industrial systems and cover the entire extended operational technology (xOT) environment. The move aims to integrate Phosphorus' capabilities in managing connected devices into Dragos' existing offering, which is already focused on monitoring critical infrastructure. The combination brings together two complementary layers of cybersecurity: on one hand, the security of OT networks and architectures, and on the other, the protection of the millions of connected devices operating on these same infrastructures. Phosphorus will continue to operate with a phased integration approach, with its management team remaining at the helm of the business under Dragos' supervision. The goal is to provide a unified platform that offers asset visibility, vulnerability detection, and automated remediation at scale, in a context where industrial environments are becoming increasingly hybrid and distributed.
PHOSPHORUS, which reported an EBITDA margin of in 2026, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the TMT (Tech, Media, Telecom) sector (14.6x).
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Target
Phosphorus is a US-based company specializing in cybersecurity for extended operational technology (xOT) environments, encompassing both traditional industrial control systems (OT) and the vast array of connected devices deployed in critical infrastructure. The company has developed a platform for discovering and managing connected assets, enabling the identification, securing, and monitoring of devices that often fall outside the visibility of traditional cybersecurity tools. Its technology is built around a continuous visibility approach to equipment, combined with automated remediation capabilities, including password management, certificate management, configuration management, and security updates. As a result, Phosphorus operates in complex environments such as industrial networks, energy sites, transportation infrastructure, and data centers, where the attack surface has expanded significantly with the proliferation of connected devices. Prior to the transaction, the company was backed by several international venture capital investors and had completed multiple successful funding rounds.
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REFERENCES
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Press release: view release
Target: phosphorus
Acquirer: dragos