Insight Partners Acquires Armis IoT Security for $1.1B Valuation
PALO ALTO, Calif. -- Armis, the leader in enterprise IoT security, today announced that it has agreed to be acquired by Insight Partners (Insight), a global software investor respected for its track record of scaling up industry disruptors, to further strengthen its market dominance in unmanaged device security.
Under the terms of the agreement, Insight will acquire the company for cash at a valuation of $1.1 billion, with participation from CapitalG for $100 million and rollover from certain existing stockholders. 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 industry leading business strategy and ScaleUp division, Onsite. Closing is expected to occur in February and is subject to customary conditions and approvals.
Armis reports that by 2021, up to 90% of all devices will be unmanaged and unsecured - dramatically increasing potential vector points for attack and creating a massive security gap within businesses and organizations.
"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."
Armis lets organizations safely embrace unmanaged and IoT devices throughout their business. Armis grew significantly in 2018 and continued its tremendous growth in its current fiscal year across all verticals, from the Fortune 100 (including 25% of the Fortune 50) to the Global 2000 to mid-size organizations, across all verticals, including high tech, healthcare, industrial, retail, smart cities/building, transportation, and more. Armis is used by global organizations such as Allergan, Mondelēz, Oracle and Sysco Foods, among others.
As part of the acquisition, Insight Founder Jeff Horing, Insight Managing Director Teddie Wardi, and Cyberstarts Founder Gili Raanan will be serving on the Armis Board of Directors.