GEC NEWS WIREThoma Bravo 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 recognizes LogRhythm’s significant history of market leadership and innovation and will support LogRhythm’s future operational and product development plans. LogRhythm’s founders and CEO will retain a meaningful ownership stake in the business.
“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 felt that 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.”
“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. “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 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. Thoma Bravo’s investment will help further accelerate product innovation and drive continued customer success.”
The transaction is expected to close in the 3rd quarter of this year. Financial terms were not disclosed. Kirkland & Ellis served as Thoma Bravo’s legal advisor. Morgan Stanley and Cooley LLP served as the company’s exclusive financial advisor and legal advisor, respectively.
