When it comes to cybersecurity M&A, CrowdStrike CEO and cofounder George Kurtz follows a kind of Goldilocks rule, seeking startups in the “sweet spot.”

“There are some companies that are obviously richly-valued,” Kurtz told Fortune . “I think some of these companies don’t realize that they are starting to move into zombieland: You look at their last round valuation, and it might be great for them, but it’s expensive and it’s necessarily actionable for a lot of companies, even ours.”

To be sure, there have been a couple of notable big-ticket acquisitions in cyber lately: Palo Alto Networks’ $25 billion acquisition of CyberArk and Google’s proposed $32 billion acquisition of Wiz.

But Kurtz argues that the real opportunities, and the lowest integration risk, is in scooping up companies a

See Full Page