Two months after word leaked that it’s pursuing a public offering, LogRhythm Inc. appears to have had a change of heart. The fast-rising network protection provider announced today that it’s raised $50 million from private investors in a funding round likely meant to delay its stock market debut.

The anonymous insiders who leaked LogRhythm’s plans to Bloomberg in July said at the time that it could go public as soon as next year, a time frame presumably chosen with the intention of waiting out the current IPO drought. Fewer than a half a dozen technology companies have hit the stock market in the past few quarters and only a handful managed to reach their funding goals due to investor skepticism. Thanks to its  newly raised capital, LogRhythm can now afford to wait for the situation on Wall Street to improve before joining into the fray.

The cash came from about a dozen different backers that included members of LogRhythm’s management team, an investment arm of the Singaporean government and Silver Lake, the private equity firm that helped take Dell Inc. off the stock market. The security vendor plans on using the capital to fund the development of new features for its network protection tools, which employ machine learning to identify weaknesses in corporate infrastructure. Its flagship offering is a system called the Security Intelligence Platform that promises to provide “end-to-end threat management” functionality.

The software uses agents to collect real-time activity data from different parts of a company’s environment and then feeds the information to detection algorithms that look for signs of foul play. LogRhythm’s website says that the platform can spot most of everything from common malware to malicious insiders who attempt to abuse their access privileges. Moreover, it ranks threats in order of severity to help IT personnel prioritize their work and thus minimize the amount of time that hackers have to work with. Besides developing new functionality for its software, the company will also use today’s funding to scale global operations and “strengthen its balance sheet”.

Image via Pixabay