Private equity firm Thoma Bravo has acquired majority control of LogRhythm, the well-known SIEM (Security Information and Event Management) provider. The deal is expected to close in Q3 2018. Financial terms were not disclosed.
More than 2,500 enterprise customers leverage LogRhythm's SIEM offerings. The company also is active on the partner front. A Technology Alliance Partner Program surfaced in 2017. And major MSSPs like Deloitte Canada leverage LogRhythm's technology for a managed threat services.
More recently LogRhythm launched a standalone threat detection and mitigation service called "user and entity behavior analytics" (UEBA). Among the major twists: UEBA can augment third-party SIEM platforms, and doesn’t require LogRhythm’s own SIEM offering.
Right Time, Right Partner?
In a prepared statement about the Thoma Bravo deal, LogRhythm CEO Andy Grolnick said:
“LogRhythm believes it has found an ideal partner in Thoma Bravo. 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.”
The cybersecurity market is growing rapidly. LogRhythm also appears to be growing. But the SIEM market, overall, is sometimes considered too complex to live up to customer expectations.
Clearly, Thoma Bravo doesn't have such concerns. The private equity firm is very active in the security and MSP-centric software markets. The company also owns Barracuda Networks, Continuum and SolarWinds MSP, among others.
