Exabeam and LogRhythm Complete Merger and Announce New Company Details
The combined organization will empower customers with a best-of-breed, AI-driven security operations platform fortified with high-integrity data ingestion
BROOMFIELD, Colo. and FOSTER CITY, Calif. — July 17, 2024 – In a strategic move set to define the future of the cybersecurity landscape, Exabeam, delivering industry-leading AI and automation for accelerated threat detection, investigation, and response (TDIR), and LogRhythm, renowned for its high-integrity, trusted data ingestion, today announced the successful completion of their previously announced merger. The merger combines unparalleled technological innovation with reliable data to create an AI-driven security operations platform that delivers the most efficient and accurate security information and event management (SIEM) and user and entity behavior analytics (UEBA) solutions in the industry.
Moving forward, the company will leverage the best of both organizations to create a best-of-breed cybersecurity vendor relentlessly focused on empowering security analysts, security engineers, and CISOs with the tools, intelligence, and guidance needed to safeguard their organizations against cyberthreats. The company will retain the Exabeam name and refresh the visual brand to represent the merging of two industry leaders and honor the legacy of the long-established LogRhythm brand.
Exabeam has also unveiled its product roadmap and strategy, highlighting the proven, cloud-native AI-driven Exabeam Security Operations Platform that will serve as the foundation of its future product offerings. On-premises LogRhythm SIEM customers will benefit from the powerful analytics offered through the Exabeam platform to combat sophisticated and credential-based attacks. The company remains committed to quarterly launches to its cloud-native and on-premises SIEM offerings as demonstrated by LogRhythm since July 2022. By integrating AI-driven automation with reliable data, this strategy aims to streamline security operations and accelerate TDIR, empowering security teams to focus on quickly and effectively mitigating complex threats.
Leadership Team
The new leadership team, composed of experienced executives from both companies, will drive Exabeam’s strategic direction and operational excellence:
Christopher O’Malley – Chief Executive Officer
Steve Wilson – Chief Product Officer
Kevin Kirkwood – Chief Information Security Officer
Allwyn “Olly” Lobo – Chief Development Officer (Cloud-native SIEM)
David Rizzo – Chief Development Officer (Self-managed SIEM)
Barry Capoot – Chief Financial Officer
Joanne Wong – Chief Marketing Officer
Matt Sarafian – Chief People Officer
Chris Cesio – Chief Revenue Officer
Peter Harteveld – Chief Value Creation Officer
“We are on the brink of a revolutionary shift in cybersecurity. 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,” said O’Malley, CEO of Exabeam. “Together, our combined expertise, innovation velocity, and vision will propel AI-driven cybersecurity solutions to new heights. Unlike the tech conglomerates that have left customers exposed in the critical battle against cyberattacks, our unwavering focus remains on empowering the true heroes of security. “Good enough” is not enough in the mission-critical matter of security operations. Today, we are proud to deliver a best-of-breed SIEM and UEBA experience purposefully and tenaciously focused on customer success.”
“Our team is stacked with expertise from both organizations that will accelerate our ability to deliver customer value. The Exabeam Security Operations Platform offers a comprehensive, foundational solution adaptable to any business – whether leveraging cloud infrastructure, adopting a hybrid model, or staying on-premises,” said Wilson, Chief Product Officer of Exabeam. “By augmenting LogRhythm SIEM with Exabeam’s New-Scale AI-driven features, including UEBA and Exabeam Copilot, we will offer incredible new value to existing LogRhythm customers. New and existing Exabeam customers alike can look forward to continued innovation as we optimize our product, training, and service synergies. Together, our team will continue to address the ever-advancing threats created by the introduction of AI and empower our customers’ security operations teams to be more efficient and effective.”
“We see tremendous opportunity within TDIR, SIEM, and UEBA and believe that together LogRhythm and Exabeam are better positioned to capture this growing market by offering their customers the comprehensive solutions they need to help protect their organizations from ever-evolving cyberthreats,” said Chip Virnig, a Partner at Thoma Bravo. “We look forward to Exabeam’s continued growth and innovation, powered by the combined company’s differentiated AI-driven security operations platform and loyal global customer base.”
Supporting Analyst and Customer Quotes:
Dayforce
“Exabeam’s cutting-edge technology and customer focus have fueled the strong, collaborative relationship I have had with Exabeam over the last ten years,” said Colin Anderson, CISO Dayforce. “I am excited for Exabeam’s announced merger and look for this partnership to accelerate the innovative product roadmap and build on best-in-class service capabilities. Best wishes to Exabeam as they embark on this new chapter of continued success and growth.”
BECU
“We are incredibly pleased with the value we’ve seen from Exabeam solutions in securing our data and gaining the necessary visibility needed to protect our organization. Exabeam has been a true and trusted partner for BECU.” said Jamie Schademan, Director Cyber Platform Security. “Congratulations to everyone involved in the merger and this next phase of growth for the company. We look forward to continued cybersecurity excellence and innovation from the Exabeam team.”
Enterprise Management Associates
“The merger of Exabeam and LogRhythm will undeniably improve the security operations landscape. With their combined strengths and product leadership the new organization is well equipped to tackle the challenges of modern security operations, offering a robust defense against sophisticated threats,” said Chris Steffen, Research Vice President – Information Security, Enterprise Management Associates. “This merger not only enhances the value proposition for customers, but also sets the stage for continued innovation and growth in the cybersecurity market.”
Institute of Chartered Accountants in England and Wales (ICAEW)
“As a long-time customer of LogRhythm, I’ve always been impressed with their commitment to innovation and delivering reliable security solutions. The merger with Exabeam opens a new horizon for us. In the accounting and finance sector, where data integrity and security are critical, we’re excited to see how this new powerhouse will push the boundaries of what’s possible. The advanced tools from this merger will enhance our security operations and help us stay ahead of sophisticated cyberthreats,” said Jason Harris, IT Security Manager at Institute of Chartered Accountants in England and Wales (ICAEW).
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.
To learn more about the go-forward organization, read the blog from Exabeam Chief Executive Officer, Christopher O’Malley.
About Exabeam
Exabeam is a global cybersecurity leader that delivers AI-driven security operations. High-integrity data ingestion, powerful analytics, and workflow automation power the industry’s most advanced self-managed and cloud-native security operations platform for threat detection, investigation, and response (TDIR). With a history of leadership in SIEM and UEBA, and a legacy rooted in AI, Exabeam empowers global security teams to combat cyberthreats, mitigate risk, and streamline security operations. Learn more at www.exabeam.com.