A University College Dublin (UCD) ‘spin-out company’ has been bought for an aggregate purchase price of approximately $68 million, it has been announced.
Rapid7 Inc, a leading provider of security data and analytics solutions, has acquired Logentries for approximately $36 million in cash and $32 million in Rapid7 equity.
Logentries was co-founded in 2010 by Dr Trevor Parsons and Dr Viliam Holub as a spin-out from UCD’s Performance Engineering Laboratory in the UCD School of Computer Science.
Following the announcement Professor Orla Feely, UCD Vice-President for Research, Innovation and Impact said: “I would like to congratulate Dr Trevor Parsons, Dr Viliam Holub, and the entire Logentries team following the announcement by Rapid7 that it is acquiring the UCD spin-out company for $68 million
“Logentries, which emerged from UCD’s research focus on ‘big data’ and the fostering of partnerships by the University with industry, is an excellent example of the quality of the companies emerging from University College Dublin.”
The company, originally based and supported at NovaUCD, has grown over just five years into a global company delivering significant impact for its thousands of customers around the world.
Professor Feely added: “I wish the Logentries team continuing success as part of Rapid7. I now look forward to seeking opportunities to develop mutually beneficial partnerships between Rapid7 and UCD in areas of research, innovation and providing access to our pool of talented graduates.”
Since Logentries was established in 2010 it has been supported through NovaUCD, the University’s Centre for New Ventures and Entrepreneurs.
Headquartered in Boston, Massachusetts, Logentries, with approximately 70 employees, also has a research and development team based in Dublin.