VC investment activity in IT Security has maintained a healthy and steady pace over the last few years. Exit activity, on the other hand, has not been consistently robust on a year-to-year basis. According to the PitchBook Platform, 113 exits via IPO, corporate acquisition or buyout have been completed since 2008, at a roller coaster pace. 2010 was a solid year for IT Security exits, but that count was cut by half in 2011. This year, things are looking up for the space, with 21 exits already closed. M&A exits like Mobilisafe's continue to be the go-to option for liquidity, accounting for 82% of the exits since 2008. However, what's really interesting this year is the marked increase in IPOs. Six IT Security companies have completed initial public offerings in 2012, including Splunk, Palo Alto Networks and LifeLock. If Internet security is as bullet-proof of an industry as some wager, then exit activity should continue to perk up from 2011's low.