Strong areas of interest to investors included blockchain security, IAM, and privacy, while interest in DevSecOps and the need to embed security throughout the software development life cycle is growing.

Two very large deals were announced during Q3. On August 29, 2022, OpenText announced an agreement to purchase Micro Focus for a total of $6.7 billion. Thoma Bravo agreed to acquire Ping Identity for around $2.8 billion on August 3, 2022. Thoma Bravo also looked set to acquire Darktrace for $6.0 billion, but pulled out of the deal in early September.