Exabeam Raises $75 Million to Accelerate Worldwide Displacement of Legacy SIEM Vendors

Follows 2018, which saw 76 percent of platform replacement deals edge
out legacy vendors IBM, McAfee, RSA, LogRhythm, Micro Focus and Splunk

SAN MATEO, Calif.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/Inc5000?src=hash” target=”_blank”gt;#Inc5000lt;/agt;–Exabeam,
the Smarter SIEM™ company, today announced that it has closed $75
million in Series E funding to accelerate worldwide efforts to displace
legacy security management vendors. The latest round is jointly led by
new investor Sapphire Ventures and Lightspeed Venture Partners, which
have collectively backed nearly 40 IPOs. Other existing investors also
participated. The funds will be used for expanding sales reach and to
expedite new product features and configurations.

In the last 12 months, Exabeam’s market perception has shifted from a
user and entity behavior analytics (UEBA) vendor to a leading SIEM
provider. Recognizing this, Exabeam was recently named a leader in the 2018
Gartner Magic Quadrant for Security Information and Event Management
.
During the last fiscal year, 76 percent of the company’s replacement
deals eliminated legacy vendors, including IBM, McAfee, RSA, LogRhythm,
Micro Focus and Splunk. In addition, Exabeam has a 72 percent win rate
in replacement deals against these incumbents. Technology and services
giant NTT
DATA
is just one example of a global deployment where Exabeam
displaced multiple legacy SIEMs and the company standardized on Exabeam
going forward.

Since its $50 million Series
D funding round
in August 2018, Exabeam has also seen increased
sales of its cloud offerings, on the heels of the release of Exabeam
SaaS Cloud
, which was launched and purchased by its first customer
within the first quarter of this year. The company also expanded its
sales team and Technology
Alliance Partnership Program
, which has already attracted more than
350 software and services vendors, representing integrations with nearly
2,500 unique data sources and APIs.

“Over the last year, we’ve seen our strategic value increase, and our
average deal size has grown by 100 percent from just two years ago. This
is because we’re listening to our customers and delivering the
innovative technologies they need, including, most recently, the ability
to detect threats in the cloud. With the win rates we’re seeing and
market opportunity in replacement business, we’re raising money to
accelerate our go-to-market and enhance our products to bring additional
innovation to modern SOC environments,” said Nir Polak, Exabeam CEO.

He added, “Having recently backed groundbreaking public companies like
Box, DocuSign, MuleSoft, Nutanix and Square, both Lightspeed and
Sapphire have an incredible combined track record of spotting
up-and-comers that will ultimately dominate their markets. Their
collective guidance and support will only further our mission to keep
our customers out of the breach headlines and take over the SIEM market
along the way.”

Alongside the influx of big data driven by cloud applications and mobile
devices, as well as increasingly sophisticated insider and external
threats, Exabeam is scaling to meet the needs of the largest
organizations globally. As a next generation security player founded in
2013, the company continues to disrupt the SIEM market with its flat,
user-based pricing model and streamlined threat detection and machine
learning-powered behavioral analytics—helping security operations center
(SOC) analysts work smarter.

“We’ve chosen to back Exabeam because of the momentum the company has in
a very large and important market. Nir and the team are solving the
problems that legacy SIEM vendors don’t seem to realize they have, and
to us, that demonstrated unmistakable value. Customers are consistently
buying its full platform as a replacement for the offerings that once
dominated the market to improve their security posture and conquer the
hurdles of outdated technology and expensive, data-based pricing,” said
Anders Ranum, managing director at Sapphire Ventures. “As cyberattacks,
cyberwarfare and corporate espionage are on the rise, Exabeam is
enabling companies to analyze user behavior and spot even the most
subtle anomalies in a way no other SIEM vendor has. They’re in an ideal
position to be the next big security disruptor, and we’re excited to be
joining in their journey.”

“Lightspeed is excited to double down on our investment in Exabeam,”
said Ravi Mhatre, partner at Lightspeed Venture Partners. “Looking
broadly at the security market in recent years, there have been several
big exits from companies replacing legacy authentication and endpoint
protection vendors. Security management is next, and Exabeam is well
positioned to be the leader.”

Exabeam has recently been named to Business Insider’s 30
Cybersecurity Startups that Will Blow up in 2019
and Silicon
Valley Business Journal’s Best Places to Work in the Bay Area
lists.
It has also ranked No. 12 overall and No. 1 in security on Inc.
Magazine’s 37th annual Inc.
5000
, as well as No. 8 on the Wall Street Journal’s Tech
Companies to Watch in 2018
.

About Exabeam

Exabeam is the Smarter SIEM™ company. We empower enterprises to detect,
investigate and respond to cyberattacks more efficiently so their
security operations and insider threat teams can work smarter. Security
organizations no longer have to live with excessive logging fees, missed
distributed attacks and unknown threats, or manual investigations and
remediation. With the Exabeam Security Management Platform, analysts can
collect unlimited log data, use behavioral analytics to detect attacks,
and automate incident response, both on-premises or in the cloud.
Exabeam Smart Timelines, sequences of user and device behavior created
using machine learning, further reduce the time and specialization
required to detect attacker tactics, techniques and procedures. Exabeam
is privately funded by Aspect Ventures, Cisco Investments, Icon
Ventures, Lightspeed Venture Partners, Norwest Venture Partners,
Sapphire Ventures and well-known security investor Shlomo Kramer. For
more information, visit https://www.exabeam.com.

Exabeam, Smarter SIEM, Smart Timelines and Security Management
Platform are trademarks or registered trademarks of Exabeam, Inc. in the
United States and other countries. All other brand names, product names,
or trademarks belong to their respective owners. © 2019 Exabeam, Inc.
All rights reserved.

Contacts

Touchdown PR
Emily Gallagher/Alyssa Pallotti
exabeam@touchdownpr.com
512-373-8500

error: Content is protected !!