Venture capital and private equity firm Insight Partners plans to acquire Armis Security at a valuation of $1.1 billion, the company announced Monday.
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Insight will pay cash for the cybersecurity company, with participation from CapitalG for $100 million and rollover from some existing stockholders, the company said in a statement. The company did not disclose the acquisition price for the transaction, which is expected to close in February.
Armis’ technology lets businesses and organizations keep connected devices secure. Palo Alto, California-based Armis, which was founded in 2015, monitors and analyzes threats to devices ranging from company laptops and phones to smart TVs and printers.
The company raised $112 million in total funding, according to Crunchbase, with its last round being a $65 million Series C led by Sequoia Capital in April. Other investors include Bain Capital Ventures and Red Dot Capital Partners.
With its acquisition by Insight, Armis will still operate independently and be managed by co-founders Yevgeny Dibrov and Nadir Izrael, CEO and CTO, respectively, and its executive team. Insight founder Jeff Horing, managing director Teddie Wardi and Cyberstarts founder Gili Raanan will be on Armis’ board of directors.
“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,” Dibrov said in a statement. “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.”
Armis’ customers include Sysco Foods, Allergan, and Oracle.
Illustration Credit: Li-Anne Dias
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