Graylog, the Security Information and Event Management (SIEM) and log management company, today announced that it has secured $39 million in funding to help continue its significant growth momentum. New investor Silver Lake Waterman and existing investors Piper Sandler Merchant Banking and Harbert Growth Partners led the funding.
In the third quarter of 2023, Graylog reported 67% new bookings growth year-to-date compared to the previous year, currently well exceeding the 14.5%1 predicted SIEM market compound annual growth rate from 2023 to 2030.
"The growth we are seeing globally is a response to our team's focus on innovation, a superior user experience, low total cost of ownership, and strong execution from our Go-To-Market and Customer Success teams," said Andy Grolnick, CEO of Graylog. "We expect this momentum to continue as Graylog expands its reach and raises its profile in the security market."
The company also attributes its growth to Graylog Security, a SIEM solution that helps mid-enterprises improve their ability to detect and respond to cyber threats with advanced security analytics, AI-driven alerting and threat hunting at scale across cloud, hybrid, and on-premise environments. Graylog Security has generated compelling customer ROI and now represents over 50% of new customers.
"Graylog's solid growth underscores the strength of the extensible Threat Detection Incident Response platform the team has built to help customers detect and respond to cybersecurity threats and leverage advanced log management for operational effectiveness," said Shawn O'Neill, Managing Director and Group Head of Silver Lake Waterman. "We look forward to partnering with Graylog to help enable their continued success."
Recent market expansion initiatives are also expected to help fuel future growth:
- In July 2023, Graylog entered the API Security market segment by acquiring Resurface.io's API security platform. Graylog API Security helps customers monitor and defend the increasingly vulnerable API attack surface.
- Graylog has grown its presence in Europe and Asia Pacific by adding personnel and strategic channel partners over the past year.
- To help streamline procurement for customers worldwide, Graylog is now available on the AWS Marketplace with plans for more listings in 2024.
"Graylog's product-led growth model, combined with its focus on customer success, continues to be an attractive combination that bodes well for its future. We're also excited about Graylog's expansion into the API Security space to help its customers defend this vulnerable attack surface," said Bob Rinek, Managing Director with Piper Sandler Merchant Banking.
The company plans to leverage the new funding to accelerate product development and differentiation, scale global go-to-market operations, and bridge to profitability.
About Graylog
Graylog elevates cybersecurity and IT operations through its comprehensive SIEM, Centralized Log Management, and API Security solutions. Graylog provides the edge in Threat Detection Incident Response across diverse attack surfaces. The company's unique blend of AI/ML, advanced analytics, and intuitive design makes cybersecurity smarter, not harder. Graylog is also ideal for troubleshooting daily IT performance and availability issues. Unlike competitors' complex, costly setups, Graylog offers both power and affordability, simplifying the IT and security challenges. Founded in Hamburg, Germany, and now headquartered in Houston, Texas, Graylog solutions are deployed in more than 50,000 installations across 180 countries. Learn more at Graylog.com, or connect with us on X (Twitter) and LinkedIn.
About Silver Lake Waterman
Silver Lake Waterman is part of Silver Lake, the global leader in technology investing with approximately $101 billion in combined assets under management and committed capital and a team of professionals located in North America, Europe and Asia. Silver Lake Waterman focuses on providing flexible expansion capital to later-stage growth companies in the technology and technology-enabled industries. For more information about Silver Lake Waterman and Silver Lake, please visit www.silverlake.com.
About Piper Sandler Merchant Banking
Piper Sandler Merchant Banking (PSMB) is the growth equity investment arm of Piper Sandler Companies (NYSE: PIPR). Our team strives to partner with founders and CEOs of growing, commercial stage businesses that can benefit by leveraging Piper Sandler's knowledge, experience, capital and relationships to build market leading enterprises. PSMB provides investment advisory services through the affiliated registered investment adviser, PSC Capital Partners LLC. Learn more about Piper Sandler Merchant Banking.
About Harbert Growth Partners
Harbert Growth Partners ("HGP") seeks to generate attractive returns for our investors by identifying and investing in promising emerging growth stage technology companies. We seek to invest in what we believe are attractive technology ecosystems outside of Silicon Valley and the Northeast, areas with a vibrant entrepreneurial community, leading research universities and significant startup and early-stage investment activity. The HGP team combines substantial investment, advisory, and operating experience with capital and an extensive network to support great entrepreneurial teams in successfully executing their growth plans.
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1 Graand View Research, Security Information And Event Management Market Report (grandviewresearch.com)
View source version on businesswire.com: https://www.businesswire.com/news/home/20231031745539/en/
Contacts:
Graylog Contact:
Justine Schneider
Moxie Mettle PR
justine@moxiemettle.com
201-921-9428
