Redwood City, California-based cloud security firm Sumo Logic announced late last night their intention to snap up Milan-based DFLabs in a move to compliment the firm’s SIEM (security incident and event management) portfolio.
A monetary figure was not disclosed and the transaction is subject to customary closing conditions, including certain government approvals in Italy. Finalisation is expected to conclude in Q2 of the 2022 fiscal year.
The announcement comes hot on the heels of a Q4 earnings conference call with results that, while exceeding Wall Street projections, saw a share price drop of 7%. Things are looking up though, with the company losing $20.6 million (20 cents a share) in Q4 2021, compared to a loss of $34.5 million, or $1.95 a share in Q4 2020.
The acquisition of SOAR (security orchestration and automation response) software provider DFLabs is slated to extend Sumo Logic’s cloud security offerings and reduce or eliminate error-prone manual tasks, as well as accelerate threat detection, analysis, incident response and forensic investigations.
“Security in the modern world is moving from a human-scale problem to a machine-scale problem,” said Sumo Logic’s vice president and security business unit general manager Greg Martin.
“Customers are looking for a new approach to help them overcome the pain and complexity around an increasingly perimeter-less world. The DFLabs team are experts in helping customers navigate this new world. By aligning our cyber security expertise, customer validated and leading security portfolios, we believe we will be able to address the critical challenges our customers face as they navigate this changing threat landscape.”