Private-equity firm takes majority stake in LogRhythm

BOULDER — LogRhythm Inc., a Boulder security-information and event-management (SIEM) solutions company, has a new majority owner.

Thoma Bravo, a private-equity firm with offices in San Francisco and Chicago, has made a majority investment in the company. Financial terms of the deal were not disclosed. The transaction is expected to close in the third quarter of this year, pending regulatory approval.

LogRhythm’s NextGEn SIEM platform helps companies detect and neutralize cybersecurity threats, assess user behavior through analytics and manage the entire threat lifecycle.

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“LogRhythm believes it has found an ideal partner in Thoma Bravo,” Andy Grolnick, chairman, president and CEO of LogRhythm, said in a prepared statement. “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.”

LogRhythm has more than 2,500 enterprise customers.

“Thoma Bravo has long admired the work of Andy, Chris [Peterson, CTO and co-founder], Phil Villella [chief science officer and co-founder] and the entire LogRhythm team,” Seth Boro, a managing partner at Thoma Bravo, said in a prepared 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.”