Identity & Access Management Valuations: Q2 2026
Public IAM multiples have re-anchored near 6.0x NTM revenue in Q2 2026, with Palo Alto Networks' $25B acquisition of CyberArk (closed February 2026) and SailPoint's $12.8B February 2025 relisting framing the strategic and public benchmarks. Non-human and AI agent identity platforms now lead the sector at 15x to 30x revenue, while privileged access (14x to 18x), identity governance (9x to 14x) and workforce IAM (4x to 8x) reflect a sharp subsegment bifurcation. Gartner forecasts $24.3B of global IAM spend in 2026 at roughly 15% growth, and the report sets out how founders should position for a strategic-buyer-led identity consolidation cycle.
- Sector
- Cybersecurity
- Focus
- Valuations
- Published
- May 29, 2026
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