This is technology M&A deal number 836 that MSSP Alert and sister site ChannelE2E have covered so far in 2022.
This deal's goal: Provide autonomous SOC (security operations center) capabilities to customers -- including "complete visibility, automation, analytics, and access to the latest community expertise and content," Devo said.
Devo Buys LogicHub: Cybersecurity Business Backgrounds
Devo, founded in 2011, is an extremely late-stage startup. The company develops a cloud-native logging and security analytics platform. Devo raised $100 million in Series F funding in June 2022. The deal's valuation was $2 billion. Eurazeo led the round, with participation from Insight Partners, Georgian, TCV, General Atlantic, Bessemer Venture Partners, and Kibo Ventures. ISAI Cap Venture also participated.
Devo, based in Cambridge, Massachusetts, has 653 employees listed on LinkedIn. The company has M&A experience. For instance, Devo acquired threat hunting platform Kognos in April 2022.
LogicHub was founded by ArcSight and Sumo Logic veterans in 2016. The company, based in Mountain View, California, has 68 employees listed on LinkedIn. LogicHub's key areas of expertise include SOAR (security orchestration, automation and response) as well as automated incident response, threat detection, threat hunting, alert triage and MDR.
LogicHub emerged from stealth mode in February 2017. At the time, the company announced $8.4 million in Series A funding, led by Storm Ventures and Nexus Venture Partners. We don't know if LogicHub had follow-on funding rounds.
Among the key LogicHub executives to know:
- Co-founder and CEO Kumar Saurabh will shift to VP of SOAR strategy and innovation at Devo;
- Co-founder and chief strategy officer Monica Jain will take a senior role at Devo -- though a job title was not disclosed; and
- VP of Engineering and Product Sarika Mohapatra will also join Devo.
Devo Buys LogicHub: Cybersecurity Executive Perspectives
In a prepared statement about the deal, Devo CEO Marc van Zadelhoff said:
“Between recent funding, M&A activity, our new product innovations, customer wins and continued global expansion, Devo is continuing our disruption of the security market. Today marks a major step in our progress towards not just the autonomous SOC, but in rounding out the complete SaaS stack of SOC capabilities that our customers need today. With the addition of LogicHub’s technology to the Devo Platform and the talented individuals joining the Devo team—which includes an R&D lab in Noida, India—we’re able to deliver to our customers a more robust solution that enables them to do more with less, while we continue to chart the path forward to a fully realized autonomous security cloud offering that will change the way organizations do security.”
Added Kumar Saurabh, CEO and co-founder of LogicHub:
“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. 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 to better detect and respond to threats with higher confidence.”
SOAR Market Remains Crowded Amid Continued M&A
Although the deal sounds promising, the SOAR market is extremely crowded. Moreover, M&A activity in the sector has been steady. Example deals include: