BY Fraser Tennant
In a move designed to address a global Internet of Things (IoT) security need, cyber security firm Armis has been acquired by venture capital and private equity specialists Insight Partners in a transaction valued at $1.1bn.
Well-known for its track record of scaling up industry disruptors, the deal to acquire Armis is the largest-ever enterprise IoT security software acquisition and adds more cyber security firms to Insight’s $20bn asset portfolio.
Founded in 2015, Armis enables enterprises to adopt new connected devices without fear of compromise by cyber attack.
“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, co-founder and chief executive of Armis. “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.”
Following completion of the transaction, Armis will continue to operate independently and will be fully managed by its two co-founders, Yevgeny Dibrov and chief technology officer (CTO) Nadir Izrael, as well as its executive team, while leveraging the support of Insight’s industry leading business strategy and scaleup division.
“Armis is one of the most ground-breaking enterprise data-centric security solutions that is actively protecting modern businesses today,” added Jeff Horing, managing director at Insight. “Having achieved exponential growth to date, we are proud to be the partner Armis can leverage to help execute their vision of protecting unmanaged devices proliferating every vertical around the world.
“We see the huge problem they are solving,” he continued. “Armis has established themselves as the 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.”
The deal is expected to close in February and is subject to customary conditions and approvals.
Teddie Wardi, managing director at Insight, concluded: “The Armis platform is powerful at device discovery, classification, and continuous threat assessment. In a world of unmanaged devices, Armis’ technology is a game changer.”
News: Insight Partners to buy cybersecurity firm Armis at $1.1 billion valuation