Private equity investment firm Thoma Bravo announced on Thursday that it will acquire a majority interest in Boulder-based global security intelligence software company LogRhythm.
LogRhythm’s platform helps companies detect and neutralize cybersecurity threats. This investment will support the company’s product development and operational plans.
“We believe that this transaction optimally positions us to accelerate our pace of innovation in the areas of NextGen SIEM and cybersecurity more broadly, and further enables us to enhance the overall customer experience,” said Andy Grolnick, chairman, president and CEO of LogRhythm in an emailed statement. “This transaction allows us to focus on our core mission of helping protect the world from damaging cyberthreats.”
Fnancial terms of the deal were not disclosed. The transaction is slated to close in Q3 of this year.
“As an independent, private company with an experienced, like-minded investor, we will have the financial backing and flexibility to continue investing in customer and partner success, product innovation and growth in support of our long-term vision and roadmap,” Grolnick continued.
LogRhythm has more than 2,500 enterprise customers.
“Thoma Bravo has long admired the work of Andy, Chris, Phil Villella and the entire LogRhythm team,” Seth Boro, a managing partner at Thoma Bravo said in a recent statement. “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.”