University College Dublin (UCD) spinout Logentries has been acquired by security analytics firm Rapid7 for $68m.
Rapid7 is providing $36m in cash, with a further $32m offered in Rapid7 equity. Logentries, now headquarted in Boston, Massachusetts, will retain its research and development base in Dublin which Rapid7 will continue to develop, and the vast majority of Logenties’ 70 staff will now join Rapid7.
Spun out from UCD in 2010, the data analysis firm has raised $11.1m in external fundraising over two rounds, the largest of which was a series A for $10m in 2013. Venture firm Polaris Partners led both rounds, and was joined in the A round by Frontline Ventures, Floodgate, and RRE Ventures.
The acquisition will see Rapid7 add Logentries’ machine data search and forensics capabilities to its own offerings.
Corey Thomas, Rapid7’s CEO, said: “We’re thrilled to add Logentries’ technology and team to Rapid7. The disruptive combination of Rapid7’s industry-leading data collection and security analytics and Logentries’ compelling machine data search technology, enables customers to better understand and quickly respond to risk in their IT environment. This is a natural progression of our security data and analytics platform, complementing our value proposition and accelerating our time to market.”
