Insight Partners will acquire Armis, a start-up specializing in enterprise IoT security, for $1.1 billion in cash.
Armis, which is based in Palo Alto, California, with an office in Tel Aviv, helps organizations safely embrace unmanaged and IoT devices throughout their business. Armis offers an agentless security solution that provides visibility of every device in the enterprise environment. It analyzes and classifies devices and their behavior in order to identify risks or attacks, and protects critical information and systems. Armis does not require any hardware and integrates seamlessly into any environment or existing infrastructure.
Insight is a global software investment firm.
Following 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 executive team, while leveraging the support of Insight's business strategy and ScaleUp division, Onsite.
"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. 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," said Yevgeny Dibrov, co-founder and CEO at Armis.
"One of the biggest challenges keeping CIOs and CISOs up at night is how to secure the unmanaged devices proliferating through their businesses, from manufacturing floors to hospital rooms, from airports to boardrooms. These devices - capturing and creating business critical information, working on production lines, or administering patient care - have no protection and they need a security solution," said Nadir Izrael, CTO and co-founder at Armis. "The exponential growth of Armis to date illustrates just how critical securing unmanaged devices is for businesses. With the backing of Insight, we will continue to expand our world class technology to help identify devices, track their behavior and respond to the threats that target them."
