The combined company will bring together two cybersecurity SIEM and UEBA innovation leaders with renowned and demonstrated track records in serving customers with effective threat detection, investigation, and response (TDIR)
LogRhythm, the company helping security teams stop breaches by turning disconnected data and signals into trustworthy insights, and Exabeam, a global cybersecurity leader that delivers AI-driven security operations, announced that the companies have entered into a merger agreement. The combined company will leverage the complementary strengths from each organization to take AI-driven security operations to new heights.
“Together our expertise and shared strategic vision will accelerate innovative AI-driven cybersecurity solutions for customers around the world,” said Chris O’Malley, CEO of LogRhythm. “With more than twenty years of best-in-class SIEM and UEBA experience in serving thousands of worldwide customers, we are poised to create a new employee-inspired organization that encapsulates the absolute best of what we both offer. Vigilant CISOs have eagerly awaited the emergence of a strong, customer-obsessed, singularly-focused global leader in AI-driven security operations—one that offers a best-of-breed alternative to the frustratingly complex options on the market today. That day has arrived.”
Customers will benefit from enhanced R&D investments and product innovation, greater service and support coverage and access to a larger AI-driven product portfolio, including cloud-native and on-premises options.
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“As a combined organization, we will continue to push the envelope of security operations innovation with solutions that bring AI, automation, SIEM, security analytics, and UEBA together to deliver a holistic approach to combating cyberthreats,” said Adam Geller, CEO, Exabeam. “With AI and cloud as driving forces that can’t be ignored in the market, we look forward to collectively addressing the needs of our joint prospects and customers to further enhance their cybersecurity TDIR capabilities. We are proud to be named a Leader in the 2024 Gartner® Magic Quadrant™ for SIEM for the fifth straight time and to offer all that is now possible in terms of efficacy, value, speed, and scale.”
The merger is expected to close in the third quarter of 2024 and is subject to regulatory approvals and customary closing conditions. J.P. Morgan Securities LLC acted as exclusive financial advisor and Goodwin Procter LLP acted as legal advisor to Exabeam on the transaction. Kirkland & Ellis LLP acted as legal advisor to LogRhythm on the transaction.
Source: BusinessWire