Weekly Patch Notes — Recent Checks, ACN Push into OT Security, Identiverse

Research evidence excerpt

Weekly Patch Notes — Recent Checks, ACN Push into OT Security, Identiverse

Equity Research

Multi Company Update — June 21, 2026

U.S. Software

Weekly Patch Notes — Recent Checks, ACN

Push into OT Security, Identiverse

Our Call Richard Poland

Our Weekly Patch Notes provide a summary of key highlights across cybersecurity in the Equity Analyst | Wells Fargo Securities, LLC

Richard.D.Poland@wellsfargo.com | 212-214-5333

past week, including recent checks, AI-related news flow, funding rounds and our updated

thoughts on the space. See below for what stood out to us.

Weekly checks (call for more): We spoke to two partners & one CISO at global F500.

• Identity still largely viewed as ungoverned. Both partners & decision makers view

NHI as a large opportunity with non-AI/agent NHI seeing investment today but AI/

agent early (limited adoption, contrasting views on how market unfolds).

• Firewall mixed relative to high bar. Partners we spoke to had smaller network

practices but seemed unwilling to support the idea of durable appliance growth

behind OT, AI, etc.

• CISO very focused on Agentic SecOps: Customer has a complicated estate with MS

Defender deployed on laptops (for cost reasons) and CrowdStrike on servers, as well

as multiple SIEMs. Sees AI SOC fulfilling the aspiration of SOAR & is participating in

early access programs across several vendors.

• Good demand signals around "VMOps", but a crowded opportunity. General

commentary suggested a saturated market in the core but getting budget, while the

incremental opportunity is automated remediation.

We view ACN as positive read for cyber & validation of OT security. ACN highlighted

its security practice reached $10B in FY25 (vs $700M in FY16), referring to cyber as a

key enabler for AI.