Summa Equity has acquired a majority stake in Logpoint, a developer of a cybersecurity operations platform helping companies tackle evolving threats.
The size of the deal was not disclosed, but Summa Equity tapped its €2.3bn Fund III for thr deal. The vehicle, which is supported by around 70 diverse institutional investors, focuses on resource efficiency, changing demographics, and tech-enabled transformation.
Founded in Denmark, Logpoint claims to be the only major European provider of foundational SIEM, UEBA, SOAR and SAP security technologies converged into a complete platform.
Its platform collects security information from the entire digital infrastructure. This is then analysed in real-time with big data analytics, advanced machine learning and automation technologies.
The platform then offers situational overview, identifies cybersecurity threats and supplies cybersecurity teams with the tools to respond immediately.
Following the close of the deal, Yttrium, formerly Digital+ Partners, will remain a significant minority shareholder in Logpoint.
Logpoint CEO Jesper Zerlang said, “We are at a historical tipping point where the digital transformation is key to our collective future and prosperity. This foundational transformation is threatened by increasingly aggressive adversaries, organised crime, and state-sponsored actors.
“The war in Ukraine, the energy crisis, and the Covid-pandemic have made us realise our vulnerabilities, and advanced cyber-technology is a core element in securing the transformation. In partnership with Summa, we will create the strongest European cybersecurity company with global reach, making this technology available to organisations of all sizes.”
Through its investment, Summa hopes to address the global challenge around cybersecurity, with cyber incidents estimated to cost the global economy €7.trn annually in 2023.
The investment firm added that this investment is in support of the UN SDG goal nine, supporting a resilient infrastructure, and goal 16 by supporting effective, accountable and transparent institutions and public access to information.
Summa Equity partner and CIO Christian Melby added, “By taking a majority stake in Logpoint, we are investing in securing the global tech-enabled transformation, which is vital to reaching most of our sustainable development goals.
“It is an investment in European cybersecurity resilience, ensuring that the technology to secure digital infrastructures thrives in Europe. Logpoint will serve as the platform for building a European cybersecurity powerhouse, as an alternative to the dominating US vendors.”
The RegTech company previously raised $30m in its Series B funding round in 2020. The deal was supported by Digital + Partners, Evolution Equity Partners and Dico.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
