Thoma Bravo, a private equity investment firm, has entered into an agreement to acquire a majority interest inLogRhythm. 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.”
“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.