The global software investor Insight Partners has acquired Armis, the leader in enterprise IoT security. The acquisition will see Insight acquire Armis for a cash valuation of $1.1 billion with the participation from CapitalG for $100 million.
Post the completion of the acquisition, Armis will continue to be led by the two co-founders, Yevgeny Dibrov and Nadir Izrael. The acquisition is expected to be completed in February and is subject to customary conditions and approvals.
Armis had a fantastic 2018 where it experienced phenomenal growth across all verticals including healthcare, retail, industrial, smart cities/building, transportation and more. Its technology is used by large organizations such as Oracle, Sysco Foods, and Allergan.
Justifying the acquisition, Jeff Horing, Managing Director at Insight said: “Armis is one of the most ground-breaking enterprise data-centric security solutions that is actively protecting modern businesses today. 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.”
It is believed that this acquisition is the largest Israeli cybersecurity acquisition of a private company ever.