Mitsubishi Electric to Acquire Nozomi Networks for Nearly $1 Billion

Mitsubishi Electric has signed a definitive agreement to acquire OT and IoT cybersecurity firm Nozomi Networks in a deal valued at nearly $1 billion, with Mitsubishi agreeing to buy the shares it does not already own for $883 million in cash. Nozomi Networks would become a wholly owned subsidiary on closing, which is expected in the fourth quarter of 2025, while continuing to operate independently from its headquarters in San Francisco and R&D unit in Switzerland.

Mitsubishi Electric already holds a 7% stake following Nozomi’s $100 million Series E funding round in 2024, and Nozomi has raised more than $250 million in total funding to date. Revenue for 2024 was roughly $75 million, up from just over $62 million in 2023, according to data supplied by Mitsubishi Electric.

Nozomi provides asset discovery and visibility, continuous monitoring and anomaly detection, vulnerability management, and remote management and monitoring capabilities for OT and IoT systems. according to SecurityWeek, Andrea Carcano, Nozomi’s co-founder and Chief Product Officer, said the combination with Mitsubishi Electric aims to create AI-powered solutions across OT/IoT use cases and industries worldwide.