UCD Wins Knowledge Transfer Ireland 2016 Mature Spin-out Impact AwardMonday, 27 June, 2016
UCD has won the Mature Spin-out Company Impact Award with Logentries at the 2016 Knowledge Transfer Ireland (KTI) Impact Awards. The Award was presented by Mary Mitchell O’Connor TD, Minister for Jobs, Enterprise and Innovation at an event held last night at the Royal Hospital Kilmainham, Dublin.
KTI established the awards, across seven categories, to recognise and showcase successful knowledge transfer carried out in publicly funded research organisations for the wider benefit of the economy and society. Submissions were judged by an independent panel comprising international and Irish leaders in the areas of technology and knowledge transfer.
The Mature Spin-Out Company Impact Award, which was won by UCD, was established by KTI to recognise a spin-out company from an Irish publicly-funded RPO that has achieved a successful and significant event in the previous calendar year.
UCD won this award for Logentries, a UCD spin-out company established in 2010, and which was acquired in 2015 for $68 million.
Pictured (l-r) Mark Lacomber, senior software engineer, Rapid7 and employee number 1 with Logentries; Mary Mitchell O’Connor TD, Minister for Jobs, Enterprise and Innovation and Dr Ciaran O'Beirne, Manager, Technology Transfer, UCD.
Logentries emerged from UCD’s Performance Engineering Lab (PEL) in the UCD School of Computer Science, specifically from a collaboration between PEL and IBM which led to the creation of the ‘Real Time Correlation Engine’ (RTCE).
RTCE had traditionally been applied for security and compliance purposes but Dr Trevor Parsons and Dr Viliam Holub, having worked on the project with IBM, recognised potential applications for RTCE in other areas ranging from IT operations to web marketing. They developed the original version of an innovative cloud-based solution for searching, visualising, and analysing machine data and this led to the establishment of Logentries.
Logentries, winner of the NovaUCD ‘Start-up of the Year Award’ in 2010, and initially based at NovaUCD, went on to raise of over $11 million in funding and open offices in Boston and Prague.
In 2015 Logentries was acquired by Rapid7 Inc., a leading US security company, for $68 million. At the time of acquisition Logentries had 70 employees, was headquartered in Boston, with a research and development team in Dublin, and served more than 3,000 customers in more than 65 countries and analysed billions of discrete log events per day.
Speaking at the Awards evening Dr Alison Campbell, Director, Knowledge Transfer Ireland said, “Tonight is a fantastic opportunity to recognise and celebrate the research and innovation undertaken in research performing organisations around the country. Tonight’s winners combine industry support and the hard work of technology transfer offices to produce some ground-breaking results of real commercial value. We are building momentum, last year, there was a 27% increase in the new products launched on the market as a result of a licence from an Irish research performing organisation.”
Brendan Cremen, UCD Director of Enterprise and Commercialisation said, “I am delighted that UCD won this Spin-out Company Award at this year’s Knowledge Transfer Ireland Impact Awards. Winning this Award for Logentries demonstrates the strength of the world-class research being carried out at the University. It also reflects the strength of support provided to researchers by our technology transfer and enterprise development teams at NovaUCD in commercialising research outputs, with global impact potential, through the establishment and development of spin-out companies such as Logentries.”
The KTI 2016 impact awards recognised top performance across seven categories in industry engagement and commercialisation of research and pay tribute to the businesses and research performing organisations involved in this knowledge transfer.