SECURITY
SECURITY
SECURITY
Enhanced R&D and service in focus as Exabeam and LogRhythm finalize merger
Security intelligence and event management solutions startup Exabeam Inc. and security intelligence firm LogRhythm Inc. today announced that they have completed their merger to create a new artificial intelligence-driven security platform company.
The merger, announced in May, was pitched as allowing customers from both companies to benefit from enhanced research and development investments and product innovation, greater service and support coverage and access to a larger AI-driven product portfolio.
Along with completing the merger today, Exabeam — the name the new combined company will trade under — also unveiled its new product roadmap and strategy, highlighting how the cloud-native AI-driven Exabeam Security Operations Platform will serve as the foundation of its future product offerings. On-premises LogRhythm SIEM customers will benefit from the analytics offered through the Exabeam platform to combat sophisticated and credential-based attacks.
The company said that it remains committed to quarterly launches for its cloud-native and on-premises SIEM offerings, as offered by LogRhythm since July 2022. By integrating AI-driven automation with reliable data, the strategy aims to streamline security operations and accelerate threat detection and incident response, allowing security teams to focus on quickly and effectively mitigating complex threats.
“By merging cutting-edge, AI-driven technology from Exabeam with the unmatched data integrity of LogRhythm, we are setting a new, unparalleled standard for security operations,” Christopher O’Malley, former chief executive officer of LogRhythm and now new CEO of Exabeam, said in a statement. “Together, our combined expertise, innovation velocity and vision will propel AI-driven cybersecurity solutions to new heights.
Who owns what of the merged company has not been disclosed. Coming into the merger, LogRhythm had been majority-owned by private equity firm Thoma Bravo since 2018, while Exabeam had raised $390 million in venture capital funding, including a round of $200 million on a $2.4 billion valuation in June 2021. Investors in Exabeam include Blue Owl Capital Inc., Acrew Capital Partners LLC, Lightspeed Venture LLC and Norwest Venture Partners.
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