Devo Snags LogicHub In Second Cybersecurity Buy In Five Months
With LogicHub’s technology, Devo now has ‘the complete stack of capabilities needed to deliver the autonomous SOC,’ the company says.
Devo Technology has used its massive war chest to snap up another cybersecurity company as it drives to build up its offerings and achieve its goal of creating an autonomous security operations center.
The Cambridge, Mass.-based Devo, a cloud-native logging and security analytics company that has raised $350 million in funding over the past 11 months, announced on Tuesday that it’s bought LogicHub, a security orchestration, automation, and response (SOAR) innovator based in Mountain View, Calif.
Terms of the deal were not disclosed.
In a press release, Devo said bringing LogicHub’s technology to the Devo platform “realizes the complete stack of capabilities needed to deliver the autonomous SOC,” an ambitious security goal Devo unveiled earlier this year.
In an interview with CRN, Marc van Zadelhoff, chief executive of Devo, said the acquisition of the 45-employee LogicHub not only marks a major step towards building an autonomous SOC. It also rounds out the complete SaaS stack of SOC capabilities.
“We‘re super excited to have them on board,” said van Zadelhoff of the LogicHub team.
Kumar Saurabh, co-founder and CEO of the six-year-old LogicHub, said in a statement his firm’s technology is a good fit for Devo.
“At LogicHub we’ve built a solution that goes beyond that of a typical SOAR and delivers automation technology that instills confidence and trust in how analysts respond to threats,” said Saurabh, who will join Devo as vice president. “That decision automation combined with Devo’s unmatched speed and scale will sit at the center of the SOC, arming security teams with capabilities that reshape how they secure their organization.”
This is the second acquisition in five months for Devo.
In April, Devo purchased Santa Clara, Calif.-based Kognos, developer of an autonomous threat hunting technology.
Both the Kognos and LogicHub acquisitions were ultimately funded by the half a billion dollars investors have pumped into Devo since its founding in 2011, the majority of which has been raised over the past year.
Last October, Devo raised $250 million in Series E funding. That investment pushed Devo’s valuation into unicorn-status territory.
And then in June it raised an additional $100 million, in a Series F funding round led by Eurazeo, a global investment firm with over $30 billion in assets under management. That investment boosted Devo’s valuation to an eye-popping $2 billion.
“We had a good war chest,” van Zadelhoff said of his private company’s ability to buy two firms in five months. “We still have a good war chest.”
Though he wouldn’t rule out another acquisition, van Zadelhoff indicated Devo will let things settle down for the time being.
“Right now I’m getting two of these (acquisitions) done,” he told CRN. “Allowing us to digest and integrate the teams, that’s going to be the focus now.”
Besides acquiring firms of late, van Zadelhoff said Devo has also been investing in its sales operations, specifically expanding its channel business.
He wouldn’t reveal Devo’s overall revenues, but he said about 90 percent of his firm’s sales now come via the channel. “We’re pretty excited about the channel participation that we’re seeing,” he said. “It‘s pervasive.”
Though the stock market is currently volatile, van Zadelhoff said he hasn’t given up his long-term goal of eventually taking Devo public, perhaps within one to three years.
“Nothing is on hold,” he said of Devo’s IPO ambitions. “We’re marching towards it with speed.”