Security Analytics Provider Devo Raises $60M, Names IBM, LogMeIn Vet As CEO
Devo Technology has raised $60 million in Series D funding. The a security analytics software company also named former LogMeIn and IBM Security veteran Marc Van Zadelhoff as its CEO.
The funding and CEO transition come after Devo reported 80 percent year-over-year growth in the first half of 2020, though actual dollar figures for revenue and EBITDA were not disclosed. The company also released a security operations solution in February 2020.
Devo CEO Transition: Walter Scott to Marc Van Zadelhoff
On the leadership front, van Zadelhoff succeeds Walter Scott as Devo’s CEO. Van Zadelhoff previously was COO at LogMeIn and GM of the IBM Security business unit — essentially serving as CEO of that organization. He has more than 35 years of operating experience in sales and executive management roles.
Meanwhile, Scott remains on the company’s board of directors. Scott is a well-known business builder and investor who previously built and sold such companies as TeamViewer (acquired by Permira) and LogicNow (acquired by SolarWinds).
In a prepared statement, van Zadelhoff said:
“Walter has done an outstanding job leading Devo, building an exceptional customer base, and solidifying the company’s competitive advantage. With Devo, organizations implementing security analytics and log management platforms no longer have to make compromises on speed, or struggle with scalability limitations or price constraints. Devo is cloud native, affordable, scalable, cloud agnostic and fast as hell. These are advantages that customers are dying to have and it made me want to be part of Devo. I know we have the team and the technology in place to build a company for the history books.”
A Closer Look at Devo
Devo offers a data analytics platform that delivers centralized cloud-scale log management, according to the company. It provides real-time access to security data across an organization’s IT environment and helps operations teams identify and resolve service issues.
In addition, Devo delivers threat detection, hunting and investigation for security operations centers (SOCs). Devo also ensures that SOCs can use machine learning and analytics to bridge the gap between threat identification and response, the company noted.
Devo has released integrations with firewall, intrusion detection and prevention and security orchestration, automation and response (SOAR) technologies.
Furthermore, CriticalStart, a Top 200 MSSP, last month integrated Devo security information and event management (SIEM) capabilities into its managed detection and response (MDR) offering.