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Private fairness giantThoma Bravohasannouncedthat its security selective information and event management ( SIEM ) companyLogRhythmwill be merging withExabeam , a rival cybersecurity company backed by the the likes of of Cisco and Lightspeed Venture Partners .
SIEM is the concern of using real - sentence data glean from server , web gadget , and program to droop abnormal bodily process and cross likely security measure threat before they escalate . Consolidation in the space is rife . The LogRhythm and Exabeam fusion tidings arrive on the same day as Palo Alto Networksconfirmedit was acquiring the assets of IBM ’s SIEM business , QRadar , which IBM hadacquired in 2011 . It also follow Cisco’s$28 billion megadealto procure SIEM colossus Splunk , a great deal thatclosed in March .
More broadly , the cybersecurity space is inundated with M&A natural action : in the first place this month , Akamairevealedit was acquiring API security measure company Noname for $ 450 million ; Permirabought a majority stakein digital fraud detection startup BioCatch at a $ 1.3 billion valuation ; and Thoma Bravo rise its head again to take cybersecurity society Darktrace privatein a $ 5 billion mountain .
Elsewhere , cloud protection platform Wizhit a whopping $ 12 billion evaluation on a $ 1 billion fundraise , an investment it says will be used substantively to scoop up other cybersecurity startups .
LogRhythm , for its part , had raised around $ 126 million before Thoma Bravo swooped in andacquired a majority stake back in 2018for an undisclosed figure of speech . Exabeam , meanwhile , took its total funding tonearly $ 400 million at its $ 200 million Series F round in 2021 . Thoma Bravo has n’t divulged Exabeam ’s evaluation at this merger . Exabeam was previously valued at $ 2.4 billion . Many companies ’ valuations have plump in thegreat post - pandemic chastening , however , and Exabeam has hit a few bumps . ThisReddit postdetails layoffs seven months ago , for example .
As with just about every sector these days , AI is playing an progressively polar part in the cybersecurity blank space , and it ’s “ AI - ram security solutions ” that LogRhythm CEO Chris O’Malley says is what Exabeam bring to the mesa .
“ Together , our expertness and shared strategical vision will accelerate innovative AI - driven cybersecurity solution for customer around the world , ” O’Malley said in a affirmation . “ wakeful CISOs have eagerly expect the outgrowth of a hard , customer - obsess , singularly - rivet global drawing card in AI - drive security measure operation — one that provide a in effect - of - breed option to the frustratingly complex options on the food market today . That Clarence Shepard Day Jr. has get in . ”
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Thoma Bravo said it have a bun in the oven the merger to close in Q3 2024 .
