The deal to bring together two players in the SIEM (security information and event management) space follows big moves in the market including Cisco’s $28 billion acquisition of Splunk.

LogRhythm and Exabeam announced Wednesday that the two companies have reached an agreement to merge in a significant consolidation deal for the cybersecurity industry.

The terms of the deal were not disclosed. The merger is expected to close in the third quarter, according to the announcement.

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LogRhythm and Exabeam are two major providers in the market for SIEM (security information and event management) platforms. Many Security Operations Center (SOC) teams rely upon SIEM to provide the logging, analytics and search capabilities they need to effectively respond to cyberthreats.

The LogRhythm-Exabeam deal follows a number of major moves in the SIEM market. Those include Cisco’s $28 billion acquisition of Splunk and the entry into the SIEM market by security giants including Microsoft, Palo Alto Networks and CrowdStrike in recent years.

Several key details are not being disclosed by LogRhythm and Exabeam — including who the CEO of the combined company will be and which investor, or investors, will end up owning the company post-merger.

In the news release, LogRhythm CEO Chris O’Malley is quoted as saying that the merger will create “a best-of-breed alternative to the frustratingly complex options on the market today.” Exabeam CEO Adam Geller (pictured) is quoted in the release as saying that “as a combined organization, we will continue to push the envelope of security operations innovation.”

LogRhythm was founded in 2003 and, since 2018, has had private equity firm Thoma Bravo as its majority investor. Exabeam was founded a decade later, in 2013, and most recently raised an undisclosed amount of funding in May 2023. The company had achieved a valuation of $2.4 billion in 2021 in connection with a $200 million round led by Blue Owl Capital.

Exabeam was ranked as a “leader” in Gartner’s 2024 Magic Quadrant for SIEM while LogRhythm appeared in the “niche player” quadrant of the ranking.