Houlihan Lokey Advises Phosphorus Cybersecurity Phosphorus Cybersecurity has been acquired by Dragos Sellside Advisor Houlihan Lokey is pleased to announce that Phosphorus Cybersecurity (Phosphorus) has been acquired by Dragos. Adding Phosphorus extends Dragos’ capabilities to secure connected devices across the extended operational technology environment, or xOT, delivering deeper device visibility, automated remediation, and continuous risk reduction. Phosphorus is an xIoT security and management platform that discovers, assesses, and actively remediates risk across connected devices, including IoT, OT, IoMT, and IIoT. The platform offers the industry's most comprehensive security capabilities for connected devices, integrating with customers' existing infrastructure without requiring disruptive architectural changes. The platform actively discovers and provides deep visibility into devices across OT and enterprise environments. Phosphorus automates remediation workflows, including password rotations, firmware updates, certificate management, and configuration hardening, while helping organizations address compliance and reduce risk at scale. Dragos is a global leader in OT cybersecurity. With nearly a decade of real-world experience handling landmark attacks on OT networks, Dragos understands the complexity and risks of industrial environments, operating on massive scale with unique systems and exacting availability requirements that are not protected by IT cybersecurity. Purpose-built for the xOT environment, Dragos technology delivers asset visibility, continuous monitoring, OT vulnerability management, segmentation validation, device protection, and real-time threat detection, powered by industry-leading OT threat intelligence and incident response teams. Dragos serves critical sectors including energy, manufacturing, water, transportation, and data centers. Privately held and headquartered in the Washington, DC area, Dragos operates globally across North America, EMEA and APAC. The acquisition brings together two highly complementary capabilities to address the full scope of the xOT environment. For Dragos, adding Phosphorus extends its platform to secure the billions of connected devices embedded across critical infrastructure networks, closing a visibility and remediation gap that legacy OT tools have historically