This week, IBM shelled out $1.3 billion for Internet Security Systems, which is a top provider of security software and consulting. In fact, over the past month, IBM has spent about $3.6 billion on software acquisitions.

So, might there be more buyout activity in the security sector? Perhaps McAfee or even Symantec are targets?

In fact, there have been a variety of security deals, such as Novell's purchase of eSecurity, as well as EMC's purchase of RSA for $2.1 billion.

Yes, security is red hot – and for good reason. It's the #1 priority for corporate IT. More importantly, security is extremely difficult, requiring lots of strong technology and domain expertise.

The big question now: is Hewlett-Packard eyeing a major security company purchase? After all, the company has been making large purchases of software companies lately (which has certainly helped boost the growth rate).

Although, a company like HP might instead look at private companies – which have the advantage of starting late (and as a result, developing next-generation products).

I talked to Nick Selby, the senior analyst of enterprise security at The 451 Group. According to him: "It's been said that HP should look to a McAfee or Symantec to fill security gaps. We believe that HP needn't spend that much - and if it did, it would be paying a premium for anti-malware and hygiene products which it doesn't need, and which will put it in head to head competition with Microsoft in the coming year."

Might Symantec or McAfee still be buyout targets? Not necessarily. Again from Selby: "Quite possibly, but I would say that the real problem facing them is the impending entry of Microsoft into the anti-malware arena; while I admit some smart people might decide that they could deal with any possible MS play, I can't see potential suitors ignoring the fact that it is a fairly large unknown."

Tom Taulli is the author of various books, including the Complete M&A Handbook and operates InvestorOffering.com.