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Armis aims to eliminate IoT security blind spots, letting enterprises embrace IoT as part of their digital transformation and develop full visibility and control over the IoT devices that operate within their networks
Fremont, CA: Israeli IoT security firm Armis has agreed to be acquired by New York-based Insight Partners at a valuation of USD 1.1 billion. As per the agreement, Insight Partners will acquire the company for cash with participation from CapitalG, formerly Google Capital, for USD 100 million, and rollover from certain existing stockholders subject to customary conditions and approvals. The deal is set to be finalized next month.
In April last year, Insight Partners had participated in a Series C funding round of USD 65 million for Armis, taking the total raised capital of the company to over USD 110 million. The funding round was led by Sequoia Capital. The new deal marks the first billion-dollar deal for an Israeli company. After the acquisition, Armis will continue to operate independently and will be fully managed by its two co-founders, Yevgeny Dibrov, CEO, and Nadir Izrael, CTO, and the executive team.
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“Insight is one of the most sophisticated software investors in the sector, and it is due to the depth of their domain expertise that they really understand the enterprise IoT device challenge we are looking to solve, and the size of the market opportunity,” said Yevgeny Dibrov, CEO, Armis. The company was founded in 2015 and is headquartered in Palo Alto, California and Tel Aviv. "We considered growth rounds and strategic offers, but by partnering with Insight, we have the best of both worlds – operational support and independence, both of which were important in our decision to take on a scaleup partner this early in our company journey,” he added.
The company aims to eliminate IoT security blind spots, letting enterprises embrace IoT as part of their digital transformation and develop full visibility and control over the IoT devices that operate within their networks. “Armis is one of the most ground-breaking enterprise data-centric security solutions that actively protecting modern businesses today,” said Jeff Horing, Managing Director at Insight. “We see the huge problem they are solving. Armis has evolved as a leader in the enterprise IoT security space, and we believe this team and their technology will continue to transform the way unmanaged devices are secured.”
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