Security News > 2024 > July > Merged Exabeam and LogRhythm cut jobs, face lawsuit
Exabeam and LogRhythm - a pair of cyber security firms - finalized their merger on Wednesday, an occasion The Register understands was marked by swift job cuts and shareholder action to investigate the transaction.
The merger of LogRhythm and Exabeam is a private transaction, and we will not be disclosing details on the value or structure of the deal.
Post merger, the new business will keep the Exabeam name, and former LogRhythm president Chris O'Malley will serve as CEO. "Our unified company is poised to set a new benchmark in cyber security, delivering solutions that are not only robust and innovative but also deeply attuned to the real-world challenges you face," O'Malley wrote in a Wednesday blog post.
Gellar first announced the merger with Thoma Bravo-owned LogRhythm in May. Today's layoffs - mourned on LinkedIn, and then also used as a recruiting tool by other security shops - follow a 20 percent staff cut at Exabeam last October.
The law firm of Kahn Swick & Foti announced it is investigating the deal between Exabeam and LogRhythm.
"KSF is seeking to determine whether the merger and the process that led to it are adequate, or whether the merger is fair to Exabeam shareholders." .