Splunk raises $1B from Silver Lake; launches Splunk Security Cloud

SaaS News -Splunk-launches-Splunk-Security-Cloud,-nabs-$1B(source: SaaS Industry)
At a Glance

Splunk, a company that develops operational intelligence software, has secured $1 billion in funding from private equity firm Silver Lake. Silverlake’s chair and managing partner, Ken Hao, will join the Splunk board of directors. The San Francisco-based company has introduced Splunk Security Cloud. Splunk also announced the completion of its acquisition of TruStar, a developer of security software.

Splunk, an operational intelligence software, has announced that it has raised $1 billion from private equity firm Silver Lake. Ken Hao, Silverlake’s chair and managing partner will join the board of directors of Splunk. The additional money will be used to fund corporate expansion and share repurchases. 

Apart from this funding round, the San Francisco-based firm has launched Splunk Security Cloud, strengthening its data security portfolio while also advancing its goal of making all components of its machine-generated data search engine available in cloud-native apps. 

Doug Merritt, president and CEO of Splunk told VentureBeat that with the bulk of their clients using ‘Splunk-as-a-service,’ Splunk Security Cloud is part of their move to being a real cloud company.

There are so many more attack surfaces today than there were even a year ago. There are more devices, more wireless connections with remote workforces, more use of things like different speech-to-text protocols, all generating information about themselves which can be unstructured and chaotic.

Doug Merritt, president and CEO of Splunk

the only data-centric modern security operations platform that delivers enterprise-grade advanced security analytics, automated security operations, and integrated threat intelligence with an open, unparalleled ecosystem.

Doug Merritt, president and CEO of Splunk

Sendur Sellakumar, chief product officer at Splunk, said that MSSPs (Managed Security Service Provider) and other solution provider partners are critical to ensuring that diverse, wide-ranging third-party security solutions operate together in harmony.

Security is a team sport, and no single product or service can solve all customers’ security needs. Enterprises we talk to have anywhere from 25 to 50 tools in their environments, including multiple control points, increasing operational costs, and complexity for their SOCs.

Sendur Sellakumar, chief product officer at Splunk

We have long admired Splunk’s world-class team and technology, and we believe the company is now at an important inflection point. It has become increasingly clear that a cloud-driven transformation is critical to modernization. Splunk is ideally positioned to help organizations throughout the world manage the complexity associated with this transition. We are confident in the opportunities ahead and eager to work with Doug and his team to support Splunk’s next phase of growth.

Kenneth Hao, chairman and managing partner of Silver Lake

Splunk has also announced the completion of its acquisition of security software provider TruStar. Splunk’s growing cybersecurity offering now includes TruStar’s cloud-native, cyber intelligence-sharing capabilities and automated procedures.

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