This Research Note examines the acquisition of Nozomi Networks announced by Mitsubishi Electric on 9th September 2025. We explore the transaction details and strategic rationale before assessing their Serendie-related digital services businesses and the acquisition’s impact on the Iconics Digital Solutions subsidiary of Mitsubishi Electric. Tranaction Details On 9th September 2025, Nozomi Networks, a US startup in OT, IoT, and CPS security, and Mitsubishi Electric Corporation signed a definitive agreement whereby Mitsubishi Electric will acquire Nozomi Networks for US$ 883 million. Upon close, Nozomi Networks will be a wholly owned subsidiary, operating independently of Mitsubishi Electric. Nozomi Networks 2024 revenues were US$ 75 million, with a 2022 – 2024 CAGR of 33%. Investor Presentation, 09th September 2025 The transaction implies a 2024 revenue multiple of approximately 11.8x Mitsubishi Strategic Rationale By combining Mitsubishi Electric‘s strengths in the OT domain with Nozomi Networks’ security technology, they aim to become the global top OT security solution supplier […]
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