Brenon Daly directs the financial analysis of the 451 Research Market Insight and M&A KnowledgeBase products within S&P Global Market Intelligence. He is responsible for all financial coverage within those product lines, as well as supporting investment- and acquisition-related activity by investment banking and private capital clients. Brennon arrived at S&P Global Market Intelligence through its 2019 acquisition of 451 Research. Before joining 451 Research in mid-2006, Brenon worked at research boutique for technology-focused hedge funds, as well as trading equity and options on his own book. Brenon began his career in 1991 as a founding reporter at the first English-language newspaper in the former Eastern Bloc. Brenon moved to Vienna in 1995 to run the local bureau for United Press International before taking on an analyst position with the Economist Group, where he researched and wrote reports for The Economist Intelligence Unit and the regional publication of The Economist. In addition to earning a degree from the University of Kansas, Brenon studied at the University of Ulster (Northern Ireland) and the Vienna University of Economics and Business (Austria).
"Tech-ceptionalism" is back on Wall Street, and not even investors' increasing concerns about a recession can take the shine off the standout sector. Tech topped all other segments in a recent S&P Global survey. It helps to have a growth story to tell in times of a slowdown.
Undeterred by ongoing tariff turmoil, tech acquirers are thinking big again. Driven by a combination of old-school consolidation along with some roll-the-dice bets on shiny new things, the number of billion-dollar blockbusters tripled last month. Overall, tech M&A spending in May soared to its highest monthly level in three years.
The buyer's aim to integrate functionality across a wider swath of the security space was first demonstrated by its pickup of Avalor in 2024 — a deal five times larger than all of its previous purchases combined. With the acquisition of MDR provider Red Canary, Zscaler confirms that it intends to extend its platform play beyond its current scope.
It took a while, but big buyers are back. By dusting off some of the same strategies they used in the post-pandemic M&A spree, tech acquirers have matched the record-shattering pace of $10 billion-plus deals from 2021. However, that uptick hasn't made its way to the market below the blockbusters.
An expanding universe of cybersecurity acquirers is pushing M&A activity in the sector to record levels. This year will likely see twice as many security deals as a decade ago. The historic increase is mostly thanks to venture capitalists, who have created an ideal setting for consolidation by overfunding and then underfunding the sector.
The crowds and commotion from cybersecurity's largest gathering may have died down, but the trends discussed at the recent RSA Conference are just starting to reshape the market. For more on how key themes will play out in the security market, join 451 Research for a special webinar on Wednesday morning.
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