Thoma Bravo has agreed to acquire a majority stake in LogRhythm, a provider of security information and event management solutions. No financial terms were disclosed.
SAN FRANCISCO and BOULDER, Colo., May 31, 2018 /PRNewswire/ — Thoma Bravo, a leading private equity investment firm, today announced that it has entered into an agreement to acquire a majority interest in LogRhythm, a leader in next-generation Security Information and Event Management (SIEM) solutions. This investment validates LogRhythm’s significant history of market leadership and innovation, and the investment is expected to support LogRhythm’s future operational and product development plans. The transaction is expected to close in the 3rd quarter of this year, subject to usual and customary closing conditions and regulatory approvals. Financial terms of the transaction were not disclosed.
“LogRhythm believes it has found an ideal partner in Thoma Bravo,” said Andy Grolnick, chairman, president and CEO of LogRhythm. “As we seek to take LogRhythm to the next level and extend our position as the market’s preeminent NextGen SIEM vendor, we feel Thoma Bravo’s cybersecurity domain expertise and track record of helping companies drive growth and innovation will make this a powerful and productive relationship. We believe this is an exciting strategic step forward for our company.”
LogRhythm is the pioneer of next-generation SIEM, providing over 2,500 enterprise customers around the world the most complete platform for end-to-end threat lifecycle management. LogRhythm’s NextGen SIEM Platform has won many accolades, including being positioned as a Leader in Gartner’s SIEM Magic Quadrant for six consecutive years.
“Since 2003, LogRhythm has proven its innovation and leadership in the application of automation, analytics and artificial intelligence to solve customers’ advanced threat detection and threat lifecycle management challenges, and achieve security operations workflow efficiency,” said Chris Petersen, CTO, chief product officer and co-founder of LogRhythm. “We look forward to working closely with Thoma Bravo to continue our customer-centric approach to innovation, enabling enterprises across the globe to protect themselves from damaging cyberthreats.”
“Thoma Bravo has long admired the work of Andy, Chris, Phil Villella and the entire LogRhythm team,” said Seth Boro, a managing partner at Thoma Bravo. “The company’s impressive track record of growth shows the continued demand for LogRhythm’s differentiated offerings. With Thoma Bravo’s investment, we look to further accelerate product innovation and drive continued customer success.”
Kirkland & Ellis is serving as Thoma Bravo’s legal advisor. Morgan Stanley and Cooley LLP are serving as LogRhythm’s exclusive financial advisor and legal advisor, respectively.
About Thoma Bravo, LLC
Thoma Bravo is a leading private equity firm focused on the software and technology-enabled services sectors. With a series of funds representing more than $20 billion in capital commitments, Thoma Bravo partners with a company’s management team to implement operating best practices, invest in growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings, with the goal of increasing the value of the business. Representative past and present portfolio companies include Datatel, Digital Insight, Entrust, SonicWall, SailPoint, Hyland Software, Deltek, Blue Coat Systems, Bomgar, Barracuda Networks, Compuware and SolarWinds. The firm has offices in San Francisco and Chicago. For more information, visit www.thomabravo.com.
LogRhythm is a world leader in NextGen SIEM, empowering organizations on six continents to successfully reduce risk by rapidly detecting, responding to and neutralizing damaging cyberthreats. LogRhythm’s NextGen SIEM Platform combines traditional SIEM capabilities with advanced user and entity behavior analytics (UEBA), network traffic and behavior analytics (NTBA) and security automation & orchestration (SAO). These combined capabilities deliver end-to-end Threat Lifecycle Management and serve as the foundation for the AI-enabled Security Operations Center (SOC), helping customers measurably secure their cloud, physical and virtual infrastructures for both IT and OT environments. Built for security professionals by security professionals, the LogRhythm platform has won many accolades, including being positioned as a Leader in Gartner’s SIEM Magic Quadrant. For more information, visit www.logrhythm.com.